Lexverify, a Birmingham, UK-based provider of an AI-powered risk management assistant, raised £900K in Seed funding.
The round was led by Midven, part of the Future Planet Capital Group, and included £550K from the Midlands Engine Investment Fund (MEIF 1) through the MEIF West Midlands Equity Fund, alongside £350K from Raspberry Ventures, The LegalTech Fund, and angel investors, including Richard Yorke, Mark Watkin Jones, Jonathan Scudder, Richard Grethe, and Karl Wyborn.
The company intends to use the funds to make hires to fulfil its expansion plans, following pilots with enterprises in the financial services and pharmaceutical sectors.
Led by Cristian Gherhes, Founder & CEO, Lexverify offers AI-powered assistant that helps prevent legal, compliance, and cyber risks on electronic communications in real time, providing continuous development support to employees. Aiming to help organisations achieve proactive compliance at scale through AI-powered real-time risk prevention, it uses natural language processing (NLP) to make risk prevention on electronic communications as easy as spell checking.
The company solves distinct problems for a client’s legal, compliance, HR, and cyber teams by scanning electronic communications to detect potential risks in areas such as competition law, financial sanctions, and GDPR, before they are sent, minimising exposure and providing continuous training to employees.
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