WiseWorks AI, a communications intelligence platform, has secured a $1.2 million investment to build a one-stop solution for financial institutions to analyse surging virtual communications for compliance and to automate everyday tasks.
The heavily oversubscribed round was led by Veridian Ventures, with investment from funds including Silicon Valley-based R42, SyndicateRoom’s Super Angel fund, and Istcapital, joining initial investors Founders Factory. The funding will be used to expand the team and accelerate product development.
WiseWorks is backed by serial entrepreneur and AI veteran Dr Ronjon Nag, founder of R42, who has founded and advised speech recognition companies sold to Motorola, RIM/Blackberry, and Apple.
The startup is hoping to help regulated firms such as financial institutions, which are required by Financial Conduct Authority (FCA) regulations to record and keep relevant communications for up to seven years.
