Behavox, a London-based AI software company, has reportedly raised funding from Citigroup and Index Ventures.
The ‘people analytics company’ has raised $20m in the round, which was led by the investment bank, valuing the business at $200m according to FinSMES.
Behavox closed a Series A, which was led by Hoxton Ventures, in July last year. It previously raised a $1m through an angel round in October 2015 and received $400,000 in Seed funding in August 2014.
Spokespeople for Behavox and Citigroup did not respond to a request for comment.
Behavox claims its software reveals previously undetectable insights to protect reputation and maximise revenue generation by analysing vast amounts of structured and unstructured data.
The platform reduces the costs of compliance, optimises the performance of teams, and tracks and measures corporate culture according to its website. The startup claims that the platform increases the effectiveness of systems and controls, enhances levels of customer service and strengthens teams and companies.
With offices in London, New York and Singapore, Behavox employs industry leaders in compliance and regulation, sales and customer success, software and data science.
The rise of AI-driven computer systems has provided organisations with the ability to process huge amounts of data either in search for particular documents or scanning financial transactions for signs of money laundering or other impropriety.
This increase in capabilities is resulting in compliance officers taking a closer look at how innovation in technology can benefit them. This has resulted in an increase in RegTech investment over the past few years.
Last year, global investment in RegTech companies which provide solutions related with compliance issues reached more-than $376.8m according to data by FinTech Global. In the first three quarters of the year compliance businesses have raised $201m.
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