London-based Nexus FrontierTech, an AI solutions firm specialising in modernising data-intensive processes within the regulatory and compliance realm, has announced that it has closed a $3.8 million seed round to propel its R&D and global expansion.
Founded in 2015, Nexus builds configurable, scalable solutions to help businesses streamline operations and tackle the issues of inefficiency and data waste. The company also has a proprietary AI automation platform that enterprises can use to shorten the implementation cycle of production-level AI models from months to within hours.
The funding round was led by a family office based in Geneva, Switzerland, followed by a number of private investors, which include Nick Fry, former CEO of Mercedes AMG Petronas F1, Jennifer Lewis, former Managing Director of GIC, Singapore Sovereign Wealth Fund, and Tom Yoritaka, former Managing Director of Cisco Global Ventures. A number of these investors are also on the firm’s Advisory Board and heavily involved in the company’s expansion and growth strategies.
The newly acquired funding will be used to amp up the company’s R&D capabilities, playing a key role in an aggressive global growth strategy to help companies accelerate digital transformation.
¨One of the major pain points any enterprise will face is the inefficient use of labour to manage repetitive, manual and error-prone processes that involve the extraction and checking of unstructured data,¨ explained CEO Danny Goh.
¨With the support of our investors, we can now ramp up our efforts in reaching as many clients as we can.¨Our immediate goal is to bring our tested, enterprise-ready technology to as many clients as we can. Having acquired actual implementation experience in deploying live AI systems, we know what our team is capable of. When it comes to compliance, we’re seeing the financial services industry move their focus away from merely meeting regulatory needs to aligning compliance with growth initiatives.¨