Castellum.AI has recently closed a successful $4m seed investment round as they look to scale compliance screening for enterprises.
The round was spearheaded by Spider Capital and saw enthusiastic participation from NewFund, Remarkable Ventures, Cameron Ventures, as well as new and existing angel investors. Remarkably, the investment exceeded its initial target by $1.5 million.
The $4m seed investment will propel Castellum.AI to new heights. The company intends to scale its proven software technology, enhance product offerings, and strengthen its engineering capabilities. These efforts will enable Castellum.AI to cater to the requirements of some of the world’s largest enterprises while expanding its user base.
Castellum.AI has established itself as a trailblazer with its state-of-the-art global risk data platform. This innovative platform empowers KYC and AML compliance teams to reduce false positives by a substantial 80%. The system is fortified by a fully automated risk data collection, cleaning, standardization, and enrichment process.
The inspiration behind Castellum.AI’s creation was a shared industry-wide struggle to find accurate data pertaining to financial crime, sanctions, and corruption.
The firm has experienced impressive growth since its Beta launch in March of last year, with their user growth incredibly surpassing 1,250%, and it has also forged successful relationships with several Fortune 500 companies.
“We started Castellum.AI after I spent years trying, and failing, to find accurate financial crime, sanctions and corruption data while working at the U.S. Department of Treasury and in banking. I saw this pain was shared across the entire industry. We set out to become the category leader by building a global platform that makes finding risk data easy, effective and intuitive,” said Castellum.AI CEO and co-founder Peter Piatetsky.
David Lomiashvili, CEO and Co-Founder of identity verification platform Identomat, said ,We are really excited to partner with Castellum.AI, which enables us to enhance our AML/KYC compliance solutions with best-in-class compliance data. By joining forces, we can provide our customers with even more robust protection against financial crime while streamlining compliance processes.”
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