Regology Raises $8M Series A to Scale AI-based Regulatory Compliance Platform
19.8.2021 17:30:00 EEST | Business Wire | Press release
Regology, a company automating enterprise compliance with AI, today announced an $8 million Series A round led by ACME Capital.
Regology offers an AI-enabled platform that actively tracks regulatory updates, allowing companies to dynamically monitor changes to business-relevant laws, identify emerging risks and fines, and set up controls to ensure legal requirements are being met. By automating tasks that typically take companies months to complete manually, Regology empowers enterprises to streamline resources spent on regulatory compliance efforts with improved results.
“With regulations constantly changing at local, federal and global levels, it’s impossible for companies to stay current with human intelligence alone,” said Mukund Goenka, co-founder and CEO, Regology. “Whether it is allowing banks to share financial transaction data or ensuring COVID requirements are met, Regology is helping companies deliver on the promise to be up to date and legal, without headache and human error.”
Based on Regology’s market analysis, in 2020 Global 500 companies spent more than $400 billion on regulatory compliance, yet were fined over $20 billion. The Regology platform aims to solve this gap by providing companies instant access to law progressions, from initial bill to law passage, to subsequent publication coverage and updates across jurisdictions. Its proprietary AI algorithm allows companies to track regulatory updates in real time at the industry, product and functional level, ensuring their business keeps pace with the dynamics of regulations. By automating processes, companies are prepared to enter new markets faster while reducing their risk profile and operational costs.
“Legal and compliance has traditionally been hyper localized, making disparate information and fragmented systems inevitable, even for the most sophisticated companies,” said Hany Nada, co-founder and partner at ACME Capital. “The past year called to light how quickly regulation changes. Regology helps global enterprises keep pace with that change, providing peace of mind to business leaders and operators.”
Regology has built the largest unified database of more than 94 million requirements across millions of sections of law for the Technology and Banking industries, covering 25 countries, more than 1,000 agencies and eight languages. The new capital will be used to further develop its AI platform and expand its team with new hires in engineering and sales.
About Regology
Regology is an AI-based regulatory compliance solution that standardizes the regulatory change and compliance process. Regology serves multiple industries, including energy, financial services, healthcare, infrastructure, manufacturing, real estate, technology, telecommunications, transportation, and utilities; and functional areas, including anti-corruption, consumer protection, data privacy, environmental safety, food safety, health and human safety, labor and employment, physical security, product safety, responsible sourcing, trade control, and supply chain. For more information, visit https://regology.com.
About ACME
ACME is a San Francisco-based early-stage venture capital firm investing in breakthrough enabling technologies and business model innovations disrupting massive sectors. We partner with entrepreneurs around the world who work with significant technologies making a positive impact for the consumers of the future. For more information, go to: https://www.acme.vc
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Contact information
Mukund Goenka
mukund.goenka@regology.com
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