ComplyAdvantage, a company that identifies compliance risks using machine learning received an $8.2 million in a series A funding round led by Balderton Capital. The company is intended to build upon its distribution of services using the funding with expanded sales marketing and professional service across the Europe and the US. Managing risks around onboarding, anti-money laundering policy and ongoing customer behavior is the main intentions of the company. The company edges its propriety databases to check behavior against information and potentially risky clients drawn from regulatory agencies in various countries along with individuals authorized by the United Nation and the United States.
The company uses a combination of Big Data Analytics, Artificial Intelligence, and Machine Learning to identify possible risks explained Stephan Ball, VP of sales and marketing for ComplyAdvantage. He also added a solution is far more effective and efficient. A general partner at Balderton Capital Tim Bunting mentioned in a statement that the investment reflects a budding need for technology in supervisory efforts. The company’s approach to develop its own exclusive data set to keep an eye on data risks is unique from the others. Comply Advantage is developing its own exclusive global dataset of companies and individuals that pose a threat.