Monday, March 19

AI regtech backed by industry veterans raises $6mn

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Ascent Technologies raised $6 million in an oversubscribed round, led by Alsop Louie Partners, a San Francisco-based VC firm, and Randall Kroszner, a former governor of the Federal Reserve.

The capital raising follows a MiFID II pilot involving ING and Commonwealth Bank of Australia, with the UK financial regulator observing the test case.

CEO and co-founder Brian Clark said in a statement: “This investment, coming just after the successful completion of an international pilot that demonstrated the accuracy of our processes and technology, speaks to our ability to revolutionize how financial firms manage compliance.”

Ascent will be using this funding to improve its automation engines increasing the number of regulatory channels available to customers. Ascent has also announced plans to expand in Chicago, where the company is based.

The regtech uses artificial intelligence and natural language processing to automate compliance, and analyzes millions of data points from rules and documentation creating a constantly-updated regulatory channel.

Ascent distributes this intelligence via regulatory channels, which include US authorities and exchanges such as the CFTC, CME, CBOE, ESMA, FINRA, ICE, and SEC. Clark explained: “Ascent uses machine learning to help automate channel building, allowing the company to continuously increase the information available to customers.”

In addition to Alsop Louie Partners and Krozner, other new investors include Temerity Capital Partners, Steve Kaplan from the University of Chicago, and Doug Monieson from VC Group Hyde Park Angels.


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