Regology, which automates enterprise compliance processes through AI, has netted $8m in its Series A funding round.
ACME Capital served as the lead investor and the funds will be used to support the development of Regology’s AI platform. Funds will also be used to hire additional engineering and sales staff members for its team.
The RegTech company leverages AI to help companies actively track regulatory updates to monitor changes in law and identify emerging risks and potential fines. Though automating these processes, Regology claims businesses can streamline their resources spent on meeting compliance.
Its services help companies meet compliance with anti-money laundering, data privacy, consumer protection, environmental safety, food safety, human safety, physical security and more.
The company claims to have built the biggest unified database, boasting 94 million requirements across millions of sections of law. Its data covers 25 countries and over 1,000 agencies, it claims.
Regology co-founder and CEO Mukund Goenka said, “With regulations constantly changing at local, federal and global levels, it’s impossible for companies to stay current with human intelligence alone.
“Whether it is allowing banks to share financial transaction data or ensuring COVID requirements are met, Regology is helping companies deliver on the promise to be up to date and legal, without headache and human error.”
Copyright © 2021 FinTech Global
