UK-based startup Lexverify secured £900K in Seed funding to enhance its AI-driven risk management assistant.
Midven, under the Future Planet Capital Group, spearheaded the investment round.
Contributions included £550K from the Midlands Engine Investment Fund (MEIF 1) via the MEIF West Midlands Equity Fund, and £350K from Raspberry Ventures, The LegalTech Fund, and angel investors such as Richard Yorke, Mark Watkin Jones, Jonathan Scudder, Richard Grethe, and Karl Wyborn.
The startup plans to use the capital to hire additional staff as part of its growth strategy after conducting pilot projects with companies in the financial services and pharmaceutical industries.
Cristian Gherhes, the CEO and founder, guides Lexverify, which provides an AI-powered assistant that mitigates legal, compliance, and cyber risks in electronic communications.
This technology ensures proactive compliance and employs natural language processing (NLP) to simplify risk assessments during communications, akin to spell-check functions.
We help companies achieve proactive compliance at scale by leveraging the power of AI. Our mission is to make risk prevention as easy as spell checking.
Cristian Gherhes, CEO and founder Lexverify
Lexverify addresses specific challenges for legal, compliance, HR, and cyber security teams by scanning electronic messages to identify and mitigate potential risks related to competition law, financial sanctions, and GDPR proactively, thereby reducing risk exposure and enhancing ongoing employee training.
by Peter Sonner
