Droit, a New York-based technology computational law and regulation company, raised $23M in Seires B funding.
The round was led by Pivot Investment Partners and UBS, through its venture and innovation unit UBS Next, with participation from Goldman Sachs.
Founded in 2012 and led by Brock Arnason, Founder and CEO, Droit provides financial institutions with a patented platform, called Adept, which processes tens of millions of inquiries a day, deciding in real-time which interactions are legally permissible across the globe. Adept is used by institutions to evaluate, with sub-millisecond latency, the full regulatory implications of any given interaction within their transactional infrastructure.
The company intends to use the funds for its expansion into wealth management through the development of new products specifically for the sector, including Cross Border and Product Suitability. The investment will support Droit’s expansion into wealth management through the development of new products specifically for the sector, including Cross Border and Product Suitability. This natural extension of the Adept platform for use in wealth management will allow financial institutions to benefit from the same transparent decision-making infrastructure deployed for capital markets. The investment will also support expansion of new and existing products, including Position Reporting, Transaction Reporting, advancements in Droit’s Pre-Trade product suite, and the build-out of new cloud-based services.
Over the past two years, the company commercialized four new product lines and increased its headcount by nearly 70 percent, adding key leadership roles in business development and technology. Droit also expanded its global footprint establishing a presence in Singapore to support existing clients and build new relationships in the region.
FinSMEs
07/03/2023