Companies in many industries still rely on paper as a part of their daily operations. Not only does it impose severe demands on green plants, but, also affects the environment in several ways.
As a result, many companies are working towards reducing reliance on paper and streamline digital processes.
Based out of London, ALT/AVE is one such startup. The company aims to help financial institutions streamline the digital distribution of regulated documents to their customers in a way that reduces the industry’s reliance on paper and mitigates the risk of non-compliance.
Recently, the UK company has raised a combined total of £535K in new growth capital.
Who backed ALT/AVE?
Out of the total, £148K comes via an Innovate UK grant, in the form of a Smart Grant.
The remaining £387K of pre-seed capital comes from various investors including, Phil Shelley (ALT/AVE Chairman), Jens-Peter Stein ( formerly of Stone Milliner Asset Management and Morgan Stanley), Philipp Eberle (Appital and PKE Capital), Brian Guckian (Appital, Astrum Partners (Waporta)), Jon Gausen (investor and formerly of Deutsche Bank), Preben Ramm (Portfolio Manager with Graham Capital Management) and Peter (banker and investor in Singapore).
Uses distributed ledger technology
Founded by Christopher Ansara, ALT/AVE’s solution — docStribute utilises distributed ledger technology to offer banks and other regulated institutions, a secure and sustainable digital solution (immutable hyperlinks) for distributing highly regulated documents to their customers.
As per the company’s claims, it will result in a 95% reduction in paper usage, a 25g decrease in CO2 e per document compared to postal delivery, and cut costs by as much as 70%.
Notably, docStribute uses the Hedera Hashgraph network (https://hedera.com) to allow banks and other regulated institutions to communicate information to customers that fall under FCA regulation.
Chris Ansara, founder, and CEO at ALT/AVE comments: “At ALT/AVE, we have all worked in financial services, and we saw first-hand how much paper is wasted in banking. How banks communicate with customers is closely regulated – for good reason – however, institutions are so fearful of non-compliance that modern technology is wildly underutilised.
“This funding will aid further development of the existing product and enable us to continue our push into new territories, extending the deployment of the technology, and research in what direction we may take docStribute next. To receive funding from Innovate UK is a welcome and appreciated nod from the UK’s innovation agency that RegTech, and ALT/AVE specifically, is well-positioned to tackle head-on the challenges faced by the financial sector.”
Brian Guckian, formerly Head of Equities at SEB and now Appital, Astrum Partners, and an investor, comments: “The financial sector constantly adapts to challenges and it’s that ability – to overcome – that makes it the bedrock of the global economy. One such challenge is how to reduce the sector’s carbon footprint, something we all have a responsibility to do. The way that ALT/AVE have harnessed the potential of distributed ledger technology to create docStribute, shows there is another way possible in how financial institutions communicate with their customers.”