FeedStock, a UK startup using AI to help financial services firms meet compliance requirements and hit commercial goals, has raised £2.5 million in a funding round led by Praetura Ventures.
Founded in 2015, FeedStock is an AI-driven SaaS business that leverages the latest natural language processing technologies to help both the buy and sell-side.
Its main product, called Cortex, automatically scans emails and chat streams, as well as calendar events and research portals to ensure compliance with investment research regulations imposed by MiFID II. Last year the firm launched Synapse, which analyses a firm’s communications with clients in real-time to deliver insights for Next Best Action as well as automating CRM data entry.
The new funding will be used to accelerate product rollout, make hires, and move into new markets.
FeedStock co-founder Charlie Henderson says: “With our background in highly regulated businesses, we are seeing enormous appetite for our proprietary technology; not only from businesses required to comply with MiFID II, but also for enterprises that are looking to leverage AI as a core component of their business for efficiency gains and revenue generation.
“Financial services firms recognise that investing in their compliance and technology is key to winning and retaining the trust of customers and investors. These businesses also understand the importance of analysing data to power smarter decisions ahead of their competitors."
Praetura Ventures has invested £1.8 million in the round, with the remaining £700,000 coming from existing investor Illuminate Financial and a group of angels.