Umazi, a due diligence platform that automates enterprise identity verification, has bagged $1m in investment.
The company secured the funding from Innovate UK and a range of other angel investors.
Umazi has developed a distributed ledger technology that drastically reduces the complexity of the compliance process by creating secure digital identities feature due diligence credentials. Such credentials are then verified and validated by regulated entities and housed on an open-source permissioned blockchain platform. This allows for a real-time and transparent audit process that allows financial institutions to manage their client data more effectively.
According to Umazi, the funding will help fuel the RegTech’s ambition to set the global standard for cross-industry digital identity and compliance.
Umazi founder and CEO Cindy van Niekerk said, “It’s astonishing that enterprise due diligence is still such a costly, time-consuming exercise that is repeated over and over again. It is clear due diligence is ripe for tech disruption and we are the first and only tech platform to take on the challenge. With new funds in the bank and global partnerships in place, we’re already demonstrating how Umazi brings fuss-free digital due-diligence.”
