Regtech and software-as-a-service (SaaS) company Clausematch has announced the close of a $10.8m (£8.7m) funding round led by Lytical Ventures, with participation from the Sony Innovation Fund and Flashpoint.
London-based Clausematch is a regulatory tech firm that uses artificial intelligence (AI) to help businesses automate policy management and meet regulatory compliance. It also helps employees within a company to work together on documents.
“The global regtech market is expected to reach more than $55bn 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,” said Antonio Avitabile, managing director-EU, Sony Ventures Corporation.
Clausematch was founded in 2012 and its total funding to date is $20m (£16.2m). The latest funding follows a $5m (£3.58m) Series A round in April 2018.
Avitabile added: “With its unique solution and a leadership team with deep expertise in compliance and financial services, Clausematch is well-positioned to lead this growing market globally.”
With the new capital, Clausematch will invest in its product, technology and data science teams.
Clausematch’s clients include the multinational London-headquartered bank Barclays, which recently partnered with fintech Liberis to provide SMEs with financing.
“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,” said Steve Berg, partner, Lytical Ventures.
New York-based Lytical Ventures is a VC firm that invests in markets such as artificial intelligence, data analytics and cybersecurity.
Lytical Ventures is an affiliate of Lytical Partners, which looks after $10bn (£8.2bn) in private equity, real estate, traditional equity, venture, and hedge funds.