Regtech startup Aptus.AI, based in Pisa, secures €3 million in pre-series A funding. The transaction’s primary investor is Programma 103 by VC P101 Sgr, which also received backing from a few business angels and Fin+Tech, CDP Venture Capital’s accelerator, which entered this round after having part in the previous one.
The Italian regtech modifications how big businesses, starting with banks and insurance companies, access, consult, and use the enormous number of legal documents available, turning compliance activities from a burden and cost centre into a lever for generating business opportunities.
Andrea Tesei, co-founder and CEO of Aptus.AI, said: “We are very proud to count an important player like P101 among our investors and equally grateful to the Fin+Tech accelerator of CDP Venture Capital, which has been decisive in our growth, renewing and reinforcing its confidence along with other shareholders who have supported us from the beginning. We are determined to uphold the Italian flag in a sector like regtech, which is proving increasingly important and strategic internationally, enabling large organizations to develop their offerings rapidly and correctly, thus remaining competitive and benefiting end consumers and the socio-economic fabric. By combining AI for data extraction with generative AI, our solution can achieve a very high level of precision in responses even for a complex and nuanced field like the legal one, with extraordinary positive impacts.”
Aptus.The use of AI is essential, not only changing the compliance field of management but also changing how people view its potential impact on corporate operations.
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Giuseppe Donvito, Partner of P101, commented: “At P101, we are excited to join forces with the Aptus.AI team. This represents P101’s first investment in the dynamic RegTech market, a rapidly expanding sector. The transaction arises from the trust we have in the team and the significant interest shown by major banking and insurance institutions in Aptus.AI’s product, thanks to the high level of Artificial Intelligence technologies developed by Andrea and Lorenzo, leveraging their studies in Computer Science and Generative AI at the University of Pisa. We are confident that the company will quickly achieve a leadership position in the compliance and risk management sector. It is an honor for us to contribute from the outset to the growth of Aptus.AI, providing our continuous support to shape the future of this innovative venture and consolidate its prominent position on the international stage.”
Aptus.AI was founded by Andrea and Lorenzo, the CEO and CTO, respectively. Both have Ph.D.s in computer science from the University of Pisa and have an impressive academic background that includes several peer-reviewed scientific publications.
The company has already made headway, landing major accounts including Generali Investments, MPS, and Intesa Sanpaolo, all the while launching a number of trial projects with major players in the market.
Lorenzo De Mattei, co-founder and CTO, added: “The heart of our artificial intelligence is its revolutionary ability to convert legal documents of any format into a machine-readable standard. This innovation opens up a world of previously inconceivable interactions with legal texts for AI users and systems. The result is a suite of extraordinarily efficient tools that include interactive regulatory consultation, automatic custom notifications, automatic management and updating of legal inventory, and instant impact analysis. Our machine-readable format provides a set of data and legal information in digital format that allows us to create more precise Generative AI models, significantly limiting so-called ‘hallucinations’ in an area like the legal one, where the accuracy of responses is essential.”
One startup that does a great job of turning vision into reality is Aptus.AI. Andrea Tesei and Lorenzo De Mattei established the company in Pisa in 2018. After developing their own technology, resulting in the Daitomic platform, a revolutionary tool that becomes legal documents into interactive, machine-readable versions, the company is regarding launching its first pilot application in the second half of 2021.