Funding

[Funding alert] UK-based Lexverify Secures £900K in Seed Funding

Apr 8, 2024 | By Startup Rise EU

Lexverify, a provider of an AI-powered risk management assistant, secures £900K in seed funding. Midven, a division of Future Planet Capital Group, led the round, which included £350K from Raspberry Ventures, The LegalTech Fund, and angel investors Richard Yorke, Mark Watkin Jones, Jonathan Scudder, Richard Grethe, and Karl Wyborn, in addition to £550K from the Midlands Engine Investment Fund (MEIF 1) through the MEIF West Midlands Equity Fund.

After conducting pilots with businesses in the financial services and pharmaceutical industries, the company hopes to use the money to hire employees in order to carry out its expansion objectives.

Under the direction of Founder & CEO Cristian Gherhes, Lexverify provides AI-powered assistance that assists in preventing legal, compliance, and cyber threats on electronic communications in real time, while also offering employees ongoing development support.

With the use of artificial intelligence (AI) and real-time risk prevention driven by natural language processing (NLP), it seeks to assist organisations in achieving proactive compliance at scale by simplifying risk protection on electronic communications to the level of spell checking.

The business minimises exposure and offers ongoing training to staff members in order to solve specific issues for a client's legal, compliance, HR, and cyber teams. It does this by scanning electronic communications to identify potential risks in areas like financial sanctions, competition law, and GDPR before they are sent.

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About Lexverify

Lexverify, By utilising AI, they assist businesses in achieving proactive compliance on a large scale. Their goal is to make risk avoidance as simple as spell checking. Their goal is to establish a society in which internet communication is a benefit rather than a drawback.