Swiss RegTech startup Apiax has completed a $6.6 million Series A funding round, reflecting strong investor appetite for technology-focused solutions to the growing compliance burden facing major firms.
Founded in 2017, Apiax transforms written regulations into binary, machine-readable digital compliance rules, enabling users to automate their cost-intensive compliance processes.
The firm says the new capital will help strengthen product development and grow its team of legal and technology experts. The startup currently concentrates on financial services but aims to provide companies in major industries with its products in the future.
Philip Schoch, co-founder of Apiax, says: "Our solution is already used by major financial institutions, yet we are just getting started. Now, we are ready to serve even more companies across industries and regions."
The raise was co-led by e.ventures, based in the US and Germany, and XAnge, based in France and Germany, with support from prior investors including Peter Kurer, DIVentures, Swiss ICT Investor Club (SICTIC), Zürcher Kantonalbank and Tugboat.