Norway's ComplAI, a compliance platform for business processes, has raised $1.7 million to further build out its cloud-based tool.
The round was led by RunwayFBU, and includes Vestland Invest, DNV Venture, Kevin Bespolka, Göran Lindö, Gunnar Evensen and Magnus Valmot.
“The capital will help build the organisation, establish an online marketplace and marketing presence to scale up our footprint in the cosmetics industry, but also to get established in other industry verticals,” says ComplAI CEO Jørgen Kadal.
ComplAI’s software provides collaboration across actors (auditors, asset owners, standard owners, consultants & stakeholders) giving access to compliance documentation, standards, reporting schemes and customisable requirement lists - reducing issues in supply chains and making simplifying the auditing process.
“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," says Kadal.
“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," says Tor Bækkelund, Managing Partner at RunwayFBU, an investment fund within the Aker Group.
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