The lead investor for the young RegTech in the transaction is Programma 103 by VC P101 Sgr, supported by some business angels and Fin+Tech, the accelerator of CDP Venture Capital
FinTech BizNews Service
Mumbai, November 25, 2023: Aptus.AI announced on Friday securing 3 million euros in pre-Series A funding round. The lead investor for the young RegTech startup in the transaction is Programma 103 by VC P101 Sgr, making its entry into the share capital of Aptus.AI, supported by some business angels and Fin+Tech, the accelerator of CDP Venture Capital, which followed this round after also participating in the previous one.
Aptus.AI serves as a compelling example of a startup that adeptly translates vision into action. Andrea Tesei and Lorenzo De Mattei, established Aptus.AI in Pisa following the development phase of their proprietary technology culminating in the Daitomic platform - a transformative tool converting legal documents into interactive, machine readable versions.
Giuseppe Donvito, Partner of P101, comments: "At P101, we are excited to join forces with the Aptus.AI team. This represents P101's first investment in the dynamic RegTech market, a rapidly expanding sector. The transaction arises from the trust we have in the team and the significant interest shown by major banking and insurance institutions in Aptus. AI's product, thanks to the high level of Artificial Intelligence technologies developed by Andrea and Lorenzo, leveraging their studies in Computer Science and Generative AI at the University of Pisa. We are confident that the company will quickly achieve a leadership position in the compliance and risk management sector. It is an honor for us to contribute from the outset to the growth of Aptus.AI, providing our continuous support to shape the future of this innovative venture and consolidate its prominent position on the international stage".
Andrea Tesei, Co-Founder and CEO of Aptus.AI, comments: "We are very proud to count an important player like P101 among our investors and equally grateful to the Fin+Tech accelerator of CDP Venture Capital, which has been decisive in our growth, renewing and reinforcing its confidence along with other shareholders who have supported us from the beginning. We are determined to uphold the Italian flag in a sector like RegTech, which is proving increasingly important and strategic internationally, enabling large organizations to develop their offerings rapidly and correctly, thus remaining competitive and benefiting end consumers and the socio-economic fabric. By combining AI for data extraction with generative AI, our solution can achieve a very high level of precision in responses even for a complex and nuanced field like the legal one, with extraordinary positive impacts".
In the last 15 years, the financial industry has undergone a growing transformation, both industrially, driven by the birth of fintech and consequent competition built on new service types, and regulatory, with an increase in norms to protect consumers and the use of data concerning them. All reasons why the RegTech market is estimated to reach 15.6 billion dollars by 2027, with a CAGR of 21.18%.
One of the main challenges to address for a rapid and accurate compliance adjustment is the absence of documents in machine readable format, an issue that Aptus.AI solves with Daitomic.
Lorenzo De Mattei, Co-Founder and CTO, adds: "The heart of our artificial intelligence is its revolutionary ability to convert legal documents of any format into a machine readable standard. This innovation opens up a world of previously inconceivable interactions with legal texts for AI users and systems. The result is a suite of extraordinarily efficient tools that include interactive regulatory consultation, automatic custom notifications, automatic management and updating of legal inventory, and instant impact analysis. Our machine readable format provides a set of data and legal information in digital format that allows us to create more precise Generative AI models, significantly limiting so-called 'hallucinations' in an area like the legal one, where the accuracy of responses is essential".
Transforming compliance activities from a mere obligation and cost center into a lever to generate business opportunities by changing the way large organizations and companies, starting with banks and insurance companies, access, consult, and utilize the immense volume of legal documents. This is the mission of Aptus.AI.
