[Funding alert] Risk management startup SignalX raises Rs 6 Cr in seed round led by 3Lines VC
Hyderabad-based AI-powered governance risk management and compliance startupon Monday said that it has raised Rs 6 crore in seed round led by 3Lines VC. and a US-based VC fund, with Hyderabad angels as a co-investor also participated in this round.
According to a statement by the startup, Rajiv Roy, Venture Partner at 3Lines, is joining the board of SignalX.
Founded in 2018 by Govind Balachandran, Zakir Wahab, and Piyush Arora, SignalX offers an AI-powered SaaS platform for corporate risk and due diligence for a comprehensive financial, legal, regulatory, and reputational risk analysis on any given target company. It claims to offer its product with a fast turnaround and high-quality research capabilities.
"Our Due Diligence AI is purpose-built to help compliance, risk and legal professionals execute a broad range of analyses starting from 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 Modelling, reputational risk checks etc," said Govind Balachandran.
Commenting on the new development, Govind said, "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. We will leverage the funding to strengthen our core team and expand our customer base."
Image source: Pixabay
Speaking on the investment, Apoorva Ranjan Sharma, Co-founder and Managing Director, 9Unicorns added,
“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 capitalise 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.”