Ascent Technologies, a Chicago, IL-based regulatory technology (regtech) company, closed a $6m Series A funding round.
The round was led by Alsop Louie Partners with participation from Randall Kroszner, Temerity Capital Partners, Steve Kaplan of the University of Chicago, the University of Chicago’s Polsky Center for Entrepreneurship and Innovation, and Doug Monieson, chairman emeritus of Hyde Park Angels. In conjunction with the funding, Mark Fields, former CEO of Wickr and founder of CME Ventures, is joining the company’s Board of Directors.
The company intends to use the funds to continue enhancing their automation engines increasing the number of regulatory channels available to customers, expand their presence in Chicago and increase their workforce.
Led by CEO Brian Clark and COO Aaron Droba, Ascent uses artificial intelligence (AI) and natural language processing (NLP) to transform raw regulatory data into discrete actions for compliance departments. The platform analyzes millions of data points from rules and documentation from a regulator, creating a constantly-updated regulatory channel and distributes this intelligence via regulatory channels, including the CFTC, CME, CBOE, ESMA, FINRA, ICE, and SEC.