London-based regulatory tech platform Clausematch has raised $10.8 million in funding. The round was led by New York-based Lytical Ventures, with participation from the Sony Innovation Fund and Flashpoint. The company plans to invest the new money in its product and technology teams to boost growth in North American and European regions.
The latest funding follows a $5 million Series A round in 2018. The total investment raised by the company to date is $20 million.
Founded in 2012, the startup is using AI to help businesses automate policy management and meet regulatory compliance. It also helps employees within a company to work together on documents. With over 180,000 users, the company has more than doubled its customer base in 2021.
Evgeny Likhoded, founder and CEO of Clausematch said: “We got pulled to the U.S. market and saw a significant demand for our solution in the financial services sector. With this funding round we are increasing our sales and marketing efforts in the U.S. and European markets. We will also continue to invest in our technical and product capabilities to automate compliance workflows.”
Steve Berg, partner at Lytical Ventures added: “If there is anything that today’s geopolitical climate demonstrates, it is that companies are required to be proactive and dynamic in their approach to compliance.”
“The global regtech market is expected to reach more than $55 billion by 2025 as a growing number of compliance departments across many industries turn to technology and automation to cope with new and ever-changing regulations,” concluded Antonio Avitabile, managing director in EU at Sony Ventures Corporation.
With over 180,000 users, the company has more than doubled its customer base in 2021. Its clients include the multinational London-headquartered bank Barclays.