Vital4, a data search and due diligence solution provider, has closed a $1.1m funding round to support its continued growth.
The capital was supplied by private equity firm Access Private Partners.
Atlanta-based Vital4 uses AI and machine learning technology to provide accurate data which can protect businesses from financial crimes, terrorism, bribery and corruption. Its platform can perform due diligence and background screening processes for KYC, AML, FCPA (Foreign Corrupt Practices Act), UK Bribery Act, FCRA (Fair Credit Reporting Act) and Healthcare sanctions and licensing compliance.
The due diligence solution gives companies global access to up-to-date information such as watchlists, sanctions, negative media, publicly exposed persons, criminal screening, and third-party risks.
Access Private Capital president Tony Palazzo said, “From the beginning, we were very impressed with Vital4’s positioning in the due diligence market. Their use of AI-driven automation and product knowledge offer a clear growth trajectory from an already impressive base of business.
“This ended up being more than a business transaction. It was a chance for our fund and its investors to be a part of something we believe will be a true disruptor in this industry.”
Of the $9.9bn which has been invested in to the RegTech sector since 2014, the lion share has gone to companies building KYC and AML solutions, according to data by RegTech Analyst. During the 2014 and 2018 period, a total of $3.4bn has been invested in KYC platforms and $2.7bn has been supplied to AML solutions.
These compliance issues are clearly at the forefront of many players in the financial service industry as the third most funding regulation is GDPR, which has received only $1.2bn in funding.
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