Abstract raised $4.8 million in seed funding to accelerate the development of its artificial intelligence-powered platform that helps businesses anticipate how proposed changes in government policy may affect them.
The company will use the new capital to enhance the platform’s ability to derive intelligence and context from disparate data elements like draft legislation, public comments and regulatory discussions, Abstract said in a Thursday (Jan. 9) press release.
“Instead of spending inordinate amounts of time manually reviewing changes from legacy bill tracking tools, corporate teams are presented with Abstract’s tailored insights into ‘risks’ and ‘opportunities’ for their businesses, allowing them to be proactive before proposed bills or regulatory changes are finalized,” Abstract CEO and co-founder Pat Utz said in the release.
Abstract’s platform pulls real-time information from more than 145,000 government bodies, social media and news channels, according to the release. Using this data, it flags developments that are relevant to the user’s business, provides insights and distills trends seen across jurisdictions, according to the release.
Since its founding in 2019, Abstract has worked with more than 200 organizations, per the release. Its new seed funding, co-led by Bonfire Ventures and Communitas Capital, brought the company’s total funding to more than $9 million.
“Abstract’s solution comes at a crucial time for enterprises as the incoming administration promises deregulation across numerous sectors, including financial services, energy, the environment and transportation,” Tom Glocer, co-founder and general partner at Communitas Capital, said in the release.
AI can transform compliance from a burdensome requirement into a more manageable, strategic advantage, empowering businesses to meet regulatory standards without compromising on efficiency or cost in other areas, PYMNTS reported in November.
In June, Norm Ai said it raised $27 million in a Series A funding round to expand its AI-powered regulatory compliance platform, which converts regulations into computer code and creates computer programs that automate compliance analyses, making them more efficient, comprehensive and accurate.
In February, risk management solution provider Archer acquired Compliance.ai, a supplier of AI-driven regulatory change management solutions. Archer said the acquisition would offer its clients real-time updates, predictive analysis, and increased accuracy for regulatory compliance and risk management.
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