Funding will fuel long-term growth, accelerate hiring and support global expansion
4CRisk.ai, a provider of advanced AI solutions for risk and compliance functions, announced it has raised $8 million in Series A funding led by Cloud Apps Capital Partners and joined by Touchdown Ventures as a syndicate partner. The new capital will help accelerate 4CRisk.ai’s long-term growth and support its hiring and global expansion.
Enterprises today, especially financial services, healthcare institutions and any industries dealing with regulatory matters, are throwing vast amounts of money to stay compliant and employing thousands of workers to keep pace with regulations, but this is not a sustainable model. Even with technology and process advancements in the Governance, Risk Management and Compliance (GRC) space, it is challenging for companies to handle the scale and complexity of all requirements given constantly evolving regulatory, business, and risk landscapes.
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To counter this, it has become imperative for chief compliance officers to tap into a new generation of technologies that make use of machine learning and artificial intelligence, including cognitive abilities, to model human behavior and solve complex problems based on real-time analysis of environment, context, and intent.
The advanced deep-learning platform and workflow capabilities of 4CRisk.ai are now being used to emulate human intelligence and augment regulatory, risk, and compliance professionals to automate time-consuming risk and compliance processes. Its compliance mapping solution digitally connects the regulatory requirements to the internal control environment, and for the first time, provides compliance officers with the ability to continuously assess the design and operational effectiveness of the control environment.
“Risk compliance and governance is one of the few bright spots in the technology sector right now and raising this Series A round in such a challenging climate for startups is a huge accomplishment for 4CRisk.ai,” said Matt Holleran of Cloud Apps Capital Partners. “4CRisk.ai is the only player in the market that is delivering end-to-end cognitive AI and innovative technology solutions needed to improve compliance risk management processes.”
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Backed by 100-plus years of collective GRC experience and a passion for solving the “unstructured data” problem, 4CRisk.ai is led by Venky Yerrapotu and Supra Appikonda who have architected and advised hundreds of organizations on their risk and compliance programs globally.
“We are thrilled to be a part of this new funding and welcome Cloud Apps Capital Partners and Touchdown Ventures as investors,” said Venky Yerrapotu, Founder and CEO of 4CRisk.ai. “This financing round serves as validation of 4CRisk.ai’s vision to help our customers protect their brand and strengthen revenues by accelerating enhanced decision making around an ever-evolving regulatory, business, and external risk environment. ”
“We are excited to invest in 4CRisk.ai’s Series A round,” said Mike Devlin, Principal at Touchdown Ventures. “We’re excited about the team’s leadership in reimagining GRC with cognitive technologies, as well as the way they are helping organizations leverage A.I. to realize risk and compliance benefits.”
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