£1 million raised by WiseWorks AI to automate financial compliance activities

A seed funding round headed by Veridian Ventures saw WiseWorks AI, a firm that offers financial institutions automated technologies to optimise compliance tasks, raise $1.2 million (£1 million). The startup, based in London, employs AI technology to assist regulated businesses in tracking, recording and reporting digital conversations.

With the increase of remote work, businesses rely more on digital platforms for internal communication. These companies can automate compliance tasks related to communication, like monitoring and surveillance, thanks to WiseWorks. According to WiseWorks, it can find revenue opportunities, flag potential wrongdoing, and promote process automation using its own natural language processing (NLP) technology.

“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.”

Currently, WiseWorks collaborates with financial institutions. However, the business has stated that it is also developing a consumer product with a similar design.

SyndicateRoom, Istcapital, Founders Factory, and Silicon Valley-based VC R42 all took part in the funding round.

“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.

The new funding will go towards expanding the existing team and further developments to WiseWorks’ product line.

WiseWorks seems to be a forward thinking startup that will save the time and money of several financial institutions, through its innovative strategies. I’m certain this startup will keep on flourishing in its excursion ahead. All the best to the entire WiseWorks team.

Shishir Gupta, Founder and CEO, StartupLanes

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