Digital transformation company Liveoak Technologies has raised $8m in its latest funding stage.
S3 Ventures, an early, expansion and growth stage investment firm, led the round. Other participation for the round came from venture firms Seven Peaks Ventures, Wild Basin Investments, State Farm Ventures, Northwestern Mutual Future Ventures, and Broadhaven Capital Partners.
Proceeds are earmarked to accelerate product development and global market expansion.
The capital infusion has come after a year of ‘exceptional’ growth for the company which saw it grow its client base, make key executive appointments and boost customer engagements.
Founded in 2015, Liveoak Technologies is a cloud platform which accelerates digital transactions, reduces fraud and enables new types of buying and servicing experiences for financial firms. Its technology is used by enterprises in the wealth management, banking, insurance, retirement, auto, credit and lending spaces.
The cloud platform enables representatives to connect, engage and complete work with customers in a virtual environment. It boasts e-signatures, data and ID capture, bank-grade security and system-of-audit capabilities in order to ensure communications and conferencing meets required compliance requirements.
To improve verification processes, Liveoak Technologies can be used to conduct KYC processes, including verifying customer and member identity on video conferences, verifying photos and IDs, upload necessary documentations for verifying and recording a video of a customer.
In line with the deal, S3 Ventures partner Charlie Plauche and DocuSign founder Tom Gonser will join the Liveoak board of directors.
Liveoak Technologies CEO Tim Ramza said, “We’re proud to be partnering with global financial services firms that are embarking on a digital transformation journey and reimagining their customer experiences while reducing fraud and risk,” “Having the financial support and deep domain expertise of our newest investment partners will help us execute our vision even more rapidly and broadly.”
Last year, Seven Peak Ventures held the $28m final close for its sophomore fund and will be used to back companies working with data, AI, FinTech, HR, digital health, identity and cloud infrastructure.
Copyright © 2018 RegTech Analyst
