[Funding Alert] SignalX Raises INR 6 Crore In Seed Round
The startup aims to disrupt the GRC market through its innovative AI-powered corporate risk and due diligence platform
Idea-phase accelerator venture capital fund 9Unicorns announced on Monday that it participated in the INR 6 crore seed round in SignalX, an AI (artificial intelligence)-powered risk management and compliance startup which was led by 3Lines VC with Hyderabad Angels as a co-investor.
Founded in 2018, the platform’s due diligence AI is built to help compliance, risk and legal professionals execute a broad range of analyses starting from simple KYB screening to meeting enhanced due diligence and analysis requirements such as 29A (insolvency bankruptcy code), anti-money laundering (AML) compliant customer due diligence, enhanced due diligence, financial modeling, reputational risk checks among others.
“We are very excited to have the support of 9Unicorns. Their extensive network of domain experts and rich knowledge base will help us grow our business and establish ourselves as a go-to platform for all risk and compliance professionals across industries and functions,” said SignalX chief executive officer and co-founder Govind Balachandran. “Our due diligence AI is purpose-built to help risk management professionals across industries execute a broad range of analyses and deal with a multitude of regulator data streams to generate defendable risk assessments on counterparties and third-parties. We will leverage the funding to strengthen our core team and expand our customer base.”
The SaaS (software as a service) platform is built to cater to professionals operating in financial modeling, insolvency, valuation, mergers and acquisitions, GRC, AML, and other legal domains.
Its users can execute checks on a per-target basis, or against a subscription fee and will soon be able to fully integrate the platform via an application programming interface (API) into their risk management workflows. The automated platform’s research capability accomplishes complex and highly sensitive risk assessments with ease at high speed and in a cost-efficient manner
“With every passing day, regulators are demanding stricter compliance with laws and regulations, leaving risk management professionals across industries in need of a platform that is quick and delivers quality assessment results. With its ingenious and ambitious core team, SignalX can easily capitalize on this market need and expand its customer base. We have full faith in the vision and capabilities of the founding team and we hope that the capital infusion will bolster their SaaS platform and push their expansion plans ever higher,” added 9Unicorns co-founder and managing director Dr.Apoorva Ranjan Sharma.
Operating in a global market of approximately $60 billion, the company envisions becoming the go-to platform for risk management professionals for providing financial and legal analysis on any target that they are doing business with, its promoters, KMPs, and related parties.