Apiax, a Zurich, Switzerland-based RegTech startup, raised more than $1.5m in seed funding.
The round was led by Peter Kurer, DIventures, and the Swiss ICT Investor Club (SICTIC) followed by Zürcher Kantonalbank and Tugboat.
The company intends to use the funds to continue to expand its operations and product development and market entrance efforts.
Led by Ralf Huber, Apiax provides a digital compliance management platform to enable external legal experts and in-house legal and compliance teams at banks and FinTech companies, to collaborate and manage regulations digitally. The platform consists of digital rule sets, which are kept up-to-date and verified; and, a regulatory cockpit for legal and compliance teams to manage regulatory updates, review and deploy them. The rule engine is based on machine-learning practices and is infrastructure independent, running in a private or public cloud. The rules can be integrated into any system or process over an API.
In its founding phase, the company participated in the F10 Accelerator program, graduating in April of 2017 and has since become part of Kickstart Accelerator as it prepares to go to market.
In conjunction with the funding, Kurer, a Partner at BLR & Partners AG, Chairman of both Sunrise and Kein & Aber, will join the Advisory Board. Ralph Mogicato, the SICTIC Lead Investor, will be joining the Board of Directors. Jürg Steiger, the DIventures Lead Investor, will be joining the Board of Directors.