Norway-based compliance platform ComplAI has reportedly secured $1.7m in a funding round, which was led by RunwayFBU.
Other contributions came from Vestland Invest, DNV Venture, Kevin Bespolka, Göran Lindö, Gunnar Evensen and Magnus Valmot, according to a report from Tech.eu.
With the funds, ComplAI hopes to deepen its cloud-based tool, establish an online marketplace and grow its marketing presence to scale its footprint to the cosmetics industry.
The RegTech company offers secure, efficient and transparent end-to-end management of compliance. Its solution allows all involved parties in compliance processes across value chains to cooperate in a secure environment where all tiers can collect, structure, store, audit and distribute standards, documentation, evidence and audit results.
ComplAI fosters collaboration between asset owners, auditors, stakeholders and standard owners. It also empowers automation by structuring evidence to gradually automate compliance checks.
ComplAI CEO Jørgen Kadal said, “We help clients reduce the cost of interacting with their suppliers, external auditors and customers by moving them onto a common platform where they can engage with them in compliance and reporting processes across standards and reporting regimes.”
RunwayFBU managing partner Tor Bækkelund added, “The company solves real problems by digitalising highly manual business processes and within a short timeframe they have launched and onboarded global brands. We invest in teams with proven track records.
“Their deep industry knowledge combined with a large growing market the investment fits nicely to our investment strategy focusing on industrial software solutions with a global market potential.”
In other RegTech news, Singapore-based Betterdata, which leverages programmatic synthetic data to help preserve privacy, reportedly secured $1.55m in seed funding. Betterdata makes data sharing instant and more secure by transforming real data into limitless synthetic data that looks, behaves and feels like real data.
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