Regulatory Genome Development Ltd (RegGenome), a spinout of the University of Cambridge, announced on Monday that it has raised $6M (approximately €5.5M) in a Seed round of funding.
The round was led by Evolution Equity Partners, with participation from AlbionVC, Cambridge Enterprise, and Mastercard.
As a part of the funding round, Richard Seewald, Managing Partner of Evolution Equity Partners, will join RegGenome’s board of directors.
Regulatory Genome: What you need to know
The UK-based company aims to transform the way the world consumes regulatory information.
The Cambridge University spin-off uses AI-based textual information extraction techniques to provide structured, machine-readable regulatory content that is dynamic, granular, and interoperable.
The company says that it enables regulatory authorities to increase accessibility and dissemination of regulatory information, helps organisations deepen their regulatory intelligence, and digitise their compliance and risk management processes.
“We are thrilled to be working with a group of investors that share our view that the world is rapidly entering into a period of regulatory uncertainty, requiring interoperable content to power the next generation of regulatory applications for the digital economy,” says Management Practice Professor Robert Wardrop, Executive Chairman of RegGenome.
Based out of New York, Evolution Equity Partners makes investments in rapidly growing cybersecurity and enterprise software companies. The company currently has over $1B of assets under management in a growing portfolio of market-leading companies.
Richard Seewald, founder and Managing Partner at Evolution Equity Partners, says, “We are excited to be partnering with Regulatory Genome and the tremendous team it has in place. Deepening regulatory intelligence and digitising compliance and risk management functions utilising machine learning and interoperability with cybersecurity, fintech and ESG presents a tremendous opportunity for the company. I look forward to working with Robert Wardrop and the RegGenome team.”
“RegGenome is a superb example of how the University of Cambridge’s transformational intellectual property can be applied for global impact. RegGenome is primed to deliver a quantum leap in how regulatory content is shared and harnessed. Cambridge Enterprise has been an integral part of RegGenome from the outset, from enabling access to the required technology to investing in its funding. We are looking forward to seeing RegGenome’s vision come to life,” says Dr. Marcio Siqueira, Head of Physical Sciences at Cambridge Enterprise.