Integrated risk management platform RiskSmart has launched in the UK following the close of a £1m investment.
The equity was supplied by NPIF Maven Equity Finance and other unnamed institutional investors.
RiskSmart was founded by Ryan Swann and Michael Aldred with the aim to simplify small and medium-sized businesses. It claims these businesses have been underserved by complex and expensive platforms, frameworks and manual processes.
By leveraging data and AI, RiskSmart provides clients with tech-led, automated and centralised tools to manage risk.
RiskSmart founder Ryan Swann said, “RiskSmart’s mission is to help businesses succeed through simple, smart, and state-of-the-art risk management.
“Having been in the industry for many years myself, I recognised a gap in the market to provide risk management in a better way.
“We’re starting the risk management revolution and empowering risk, compliance and legal teams to digitise their services.”
Speaking on the investment, Maven senior investment manager Dean Cox said, “More established providers of risk management solutions focus on larger companies and are priced accordingly, so there is a clear gap in the market for an ambitious business like RiskSmart to target the underserved SME segment.
“The team has significant experience in this sector, and we look forward to helping them move a step closer to creating an enterprise product which can be scaled.”
In other news, cyber risk management technology developer KYND recently launched its services into the investment management sector, as cyber risks continue to surge. The company will provide its services to private equity and venture capital firms.
Another development in the space saw MCO (MyComplianceOffice), a global conduct risk and compliance provider, launch its new governance and oversight tool, Know Your Risk (KYR). The tool helps firms set regulatory priorities, identify policy and procedure gaps and deliver proof of adherence with metrics and documentation.
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Copyright © 2018 RegTech Analyst