London-based Nexus FrontierTech, an AI solutions firm specialising in modernising data-intensive processes within the regulatory and compliance realm (RegTech), announced that it has closed a $3.8M seed round to propel its R&D and global expansion.
Nexus, founded in 2015, builds configurable, scalable solutions to help businesses streamline operations and tackle the issues of inefficiency and data waste. The company also boasts a proprietary AI automation platform that enterprises can use to shorten the implementation cycle of production-level AI models from months to within hours.
The funding round was led by a family office based in Geneva, Switzerland, followed by a number of private investors, which include Nick Fry, former CEO of Mercedes AMG Petronas F1, Jennifer Lewis, former Managing Director of GIC, Singapore Sovereign Wealth Fund, and Tom Yoritaka, former Managing Director of Cisco Global Ventures. A number of these investors are also on the firm’s Advisory Board and heavily involved in the company’s expansion and growth strategies.
The newly acquired funding will be used to amp up the company’s R&D capabilities, playing a key role in an aggressive global growth strategy to help companies accelerate digital transformation.
¨One of the major pain points any enterprise will face is the inefficient use of labour to manage repetitive, manual and error-prone processes that involve the extraction and checking of unstructured data,¨ explains CEO Danny Goh. ¨Through intelligent automation, we free up capacity so people can focus on the important tasks – dealing with anomalies, generating business insights and making decisions. With the support of our investors, we can now ramp up our efforts in reaching as many clients as we can.¨
With a strong track record deploying solutions for clients in the APAC region and having recently secured a 3-year contract with a UK-based global bank, Nexus has positioned itself as a RegTech-focused AI firm whose team is at the intersection of technology and business. With a foundation in serving financial institutions, Nexus has zoned in on the most pressing and costly challenges facing the industry today: compliance and business growth.
̈Our immediate goal is to bring our tested, enterprise-ready technology to as many clients as we can,̈ says Danny. ¨Having acquired actual implementation experience in deploying live AI systems, we know what our team is capable of. When it comes to compliance, we’re seeing the financial services industry move their focus away from merely meeting regulatory needs to aligning compliance with growth initiatives.¨
With investment secured, Nexus is more ready than ever to grow their footprint in the UK and US markets, and now tap into the immense business opportunities in Asia, with their eyes set on Singapore as a financial and technological hub.