Lexverify, a Birmingham, UK-based company that provides an AI-powered risk management assistant, has raised £900,000 in Seed funding.
Investors
The investment was led by Midven, part of the Future Planet Capital Group. £550,000 is from the Midlands Engine Investment Fund (MEIF 1) through the MEIF West Midlands Equity Fund, alongside £350,000 from Raspberry Ventures, The LegalTech Fund, and angel investors, including Richard Yorke, Mark Watkin Jones, Jonathan Scudder, Richard Grethe, and Karl Wyborn.
Founded in 1990, Midven is a venture capital firm based in Birmingham, United Kingdom, and is part of the Future Planet Capital Group. Midven has been supporting Midlands SMEs, investing more than £90m into the region and raising over £200m in co-investment into its portfolio. Midven’s ‘more than money’ approach helps to build strong and successful companies and supports businesses every step of the way. Midven was acquired by Future Planet Capital in April 2021.
Lexverify Use of Funds
The funding will enable Lexverify to bolster its team by making key hires essential for expanding its operations.
About Lexverify
Founded in December 2020 by Dr. Cristian Gherhes, Lexverify provides an AI-powered risk management assistant that utilizes advanced Natural Language Processing (NLP) to help prevent legal, compliance, and cyber risks on electronic communications in real-time. It offers continuous development support to employees. Lexverify’s mission is to make risk prevention on electronic communications as easy as spell checking, thereby making the job of both employees and Legal and Risk & Compliance teams easier and more effective. Its admin portal is a centralized hub that gives legal risk and compliance teams real-time visibility into their organization’s compliance posture.
Funding Details
Company: Lexverify Ltd
Raised: £900K
Round: Pre-Seed Round
Funding Month: March 2024
Lead Investors: Midven
Additional Investors: Raspberry Ventures, The LegalTech Fund, Richard Yorke, Mark Watkin Jones, Jonathan Scudder, Richard Grethe, Karl Wyborn
Company Website: https://www.lexverify.com/
Software Category: AI Risk Management Assistant
Source: https://www.uktechnews.info/2024/03/26/lexverify-secures-900k-seed-investment-led-by-midven/