WiseWorks AI, a startup providing financial institutions with automated tools to optimise compliance duties, has raised $1.2m (£1m) in an oversubscribed seed funding round led by Veridian Ventures.
The London-based startup uses AI technology to help regulated firms track, record, and report digital communications.
Businesses communicating internally are increasingly relying on digital tools, particularly with the rise of remote work.
WiseWorks allows those businesses to automate certain compliance duties regarding communication, such as monitoring and surveillance.
Using proprietary natural language processing (NLP) technology, WiseWorks says it can flag potential misconduct, identify revenue opportunities, and drive process automation.
“With the rise of remote working, financial institutions are struggling to deal with the sheer level of virtual communications they must analyse for regulatory purposes,” said WiseWorks co-founder and CEO Teoman Gonenc.
“Some firms are also realising that this is a massive opportunity to get to know their clients better. Our technology helps them achieve these objectives in a way that was not previously possible. The new funding will help us do this at a greater scale.”
Gonenc previously worked as a vice president for financial services company Morgan Stanley.
WiseWorks currently works with financial institutions. However, the company has said it is also working on a consumer product of a similar style.
Other participants in the funding round included SyndicateRoom, Istcapital, Founders Factory and Silicon Valley-based VC R42.
“Having worked in speech recognition for 30 years, we can see the potential of WiseWorks’ application to transform the way financial institutions monitor and analyse virtual communications and handle costly and time-intensive activities,” said R42 founder and president Dr Ronjon Nag.
“With such an accomplished team behind the business, we’re excited to see great things WiseWorks will undoubtedly achieve in the coming years.”
The new funding will go towards expanding the existing team and further developments to WiseWorks’ product line.