The company, which aims to automate the entire regulatory lifecycle to help companies ensure compliance, has bagged a Series A investment totalling £3.5m.
ClauseMatch has closed a Series A funding round led by Index Ventures and Talis Capital with participation from previous investors, including Speedinvest.
The round also includes investment from high-profile angels Tom Glocer, former CEO of Thomson Reuters, and Cristobal Conde, former CEO of Sungard. The funding will be used to continue to rapidly scale-up and accelerate development of the product.
Compliance, legal, finance, operations and risk departments use ClauseMatch to help automate impact assessments, streamline the implementation of regulatory change and to collaborate effectively on thousands of documents across the entire organisation.
ClauseMatch applies deep understanding of the regulatory lifecycle and machine learning to standardise and automate processes and workflows across teams, reducing costs, speeding up implementation and demonstrating compliance to regulators.
Comprehensive audit trail delivers accountability, transparency and assurance into readiness for the next review of current governance documentation, internal controls and their links to the applicable regulations.
ClauseMatch works with the world’s leading financial institutions, legal firms and corporates including Barclays following the time at Barclays Accelerator Program, and Intesa San Paolo. It is also being tested as part of the third cohort of companies in the Financial Conduct Authority's (FCA) Regulatory Sandbox supporting a top-tier bank with its technology.
Evgeny Likhoded, CEO and co-founder, said: "Our goal is to create a compliance platform that is fully automated, smooth and effortless, that enables people responsible for compliance to be more proactive and strategic, and that increases full transparency and the state of compliance across the board. Equally, we are aiming to bring regulators to the table so that both sides of financial services are connected.”
Jan Hammer, partner at Index Ventures, added: "The regulatory system is broken. Regulators don’t have a full view of how regulation impacts the industry, over-regulating as a result, whilst companies struggle to keep up and stay compliant.
“We believe ClauseMatch can make the entire regulatory ecosystem function much better for both the regulated and the regulator, by providing new, simple to use tools replacing outdated document management and word processing software.”
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