Lexverify: AI Risk Management Assistant Raises £900,000 in Funding
Birmingham-based Lexverify, an AI-powered risk management assistant, has successfully raised £900,000 in seed round funding. The investment was led by Midven, a part of the Future Planet Capital Group. Notable contributors include £550,000 from the Midlands Engine Investment Fund (MEIF 1) through the MEIF West Midlands Equity Fund, and £350,000 from Raspberry Ventures, The LegalTech Fund, and angel investors such as Richard Yorke, Mark Watkin Jones, Jonathan Scudder, Richard Grethe, and Karl Wyborn. Lexverify employs state-of-the-art AI technology to prevent legal, compliance, and cyber risks on electronic communications in real time, providing continuous development support to employees.
Lexverify aims to revolutionize risk and compliance, as well as cyber security in the digital landscape by helping organizations achieve proactive compliance at scale.
By utilizing natural language processing (NLP), Lexverify is able to make risk prevention on electronic communications as seamless as spell checking. The platform scans electronic communications to detect potential risks in areas like competition law, financial sanctions, and GDPR before they are sent, ultimately reducing exposure and offering continuous training to employees. With successful pilots in the financial services and pharmaceutical sectors, Lexverify plans to expand its operations with the investment received.
Electronic communication has become an essential part of daily business operations, significantly enhancing efficiency and convenience. However, with this convenience comes the responsibility to ensure compliance, as non-compliant messaging can lead to significant liabilities. The average office worker sends around 10,000 emails annually, highlighting the potential risks associated with digital communication. Lexverify addresses the need for ongoing training and continuous employee development support in today's digital work environment to set a new standard for risk management and employee productivity. As companies increasingly shift towards digital communication, the demand for effective risk prevention solutions like Lexverify continues to grow.
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