From left: Jonathan Jackson, Kritin Sundaram and Jennifer Raatz. Image: Augmetec
The capital will be put towards the company’s growth and further developing its services.
UK-based legal start-up Augmetec has today (18 February) announced it has raised £2m in a seed funding to turbocharge its growth.
The round was led by early-stage investors Fuel Ventures, with participation from Swiss fund 14Peaks Capital and three angel investors.
Headquartered in London, with a team spread across the UK, Germany, Portugal and the US, Augmetec was founded by Kritin Sundaram. The legal start-up’s SaaS platform LEIAA gives organisations the tools to conduct internal and regulatory investigations and tackle issues of ethics and compliance, using AI and automation.
Augmetec intends to use the newly acquired funds to grow its client base, further develop its products, strengthen its international enterprise partnerships and reach additional markets.
It also has plans to expand its team, with key personnel in engineering, compliance, operations and sales to be brought on.
CEO and founder Sundaram said: “Augmetec has been built on decades of experience in conducting hundreds of high-profile investigations into alleged improper conduct.
“Our vision is to ease the overwhelming burden placed on the shoulders of investigative teams handling numerous, often complex and multi-faceted investigations, which frequently involve multiple stakeholders across jurisdictions. With the growing number of global investigations, we believe we have built Augmetec at the perfect time to meet this ever-evolving need given the wider international regulatory landscape.”
Oliver Hammond, a partner at Fuel Ventures, added: “We’re so excited to be working with Augmetec. We’ve seen internal investigations within corporations increase significantly as regulation grows and levels of improper conduct increase. As such, corporations are being required to investigate thoroughly and fairly.
“Progress in AI and automation means we think the time is now to automate and maximise the efficiency to a significant degree in that process, allowing corporations to come to conclusions quicker and more accurately.”
Earlier this month, Silicon Republic’s Ann O’Dea sat down with Jack Newton, the CEO and co-founder of Canadian legal tech provider Clio. He discussed his approach to leadership and how the legal sector is transforming through cloud computing.
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