Artificial intelligence-based compliance startup ComplyAdvantage has raised $8.2m in a Series A round.
The investment in the London-based regtech firm was led by Balerton Capital.
The company aims to help firms to manage compliance obligation and reduce costs by using proprietary data to create structured profiles of high-risk clients.
ComplyAdvantage founder Charles Delingpole said, “Compliance is painful, slow and expensive.”
“It is a huge overhead for firms and there is a massive opportunity to unlock this through technology.”
The company will use the capital to drive growth across Europe and the US, including the opening of a New York office.
RegTech and compliance startups helping companies to manage compliance more efficiently are gaining more attention from investors as machine learning advancements reduce the costs and manual labour required.
Balerton general partner Tim Bunting said, “In compliance, we see lots of entrants with a new workflow, or user-interface tool that is just repackaging the same data.
“ComplyAdvantage is doing something different, by developing its own proprietary global data set of individuals and companies that pose a threat. We believe that this is one of the few remaining large industries that is still ripe for digital disruption.”
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