Uhura Solutions, a tech startup based in London and Podgorica, Montenegro, has raised €400,000 in early-stage financing to develop its software, which helps financial institutions speed up review and decision-making processes by using an AI platform that streamlines the process of analysing and drafting contracts and agreements.
In short, Uhura's software can read and understand contracts in a human-like way, not too dissimilar from Berlin-based Legal OS which just raised $2.2 million in a seed funding round to do this for the legal sector.
Uhura's round was led by South Central Ventures, a regional €40 million fund, which thus joins Barclays and Techstars as investors in the young company. The fresh cash will be used for ramping up development, sales and marketing efforts.
The startup was founded in 2018 by Djuro Stojanovic, Bojan Tesic, Blazo Crvenica and Mladen Markovic, a team of Montenegrin entrepreneurs. The same year, Uhura graduated from the 2018 Barclays Accelerator powered by Techstars in Tel Aviv.
"We are delighted to have the backing of South Central Ventures, as they have a proven track record in supporting highly successful B2B software businesses," said Stojanovic, who is also the CEO of the company.
"Having a seasoned team working on Uhura is a step in the right direction. With the investment we aim to leapfrog the company into the corporate world and solve the age- old problem of reviewing contracts at a snail’s pace and the errors that go with it," added Vuk Djukic, a principal at South Central Ventures.