Hyderabad-based AI-powered governance risk management and compliance startup SignalX on Monday said it has raised $750,000 in investment in a funding round led by 3Lines Venture Capital, a US-based early-stage VC.
According to a statement by the startup, Rajiv Roy, Venture Partner at 3Lines, will join the SignalX Board of Directors.
Founded by Govind Balachandran in 2018, SignalX offers an AI-powered SaaS platform for corporate risk and due diligence for a comprehensive financial, legal, regulatory, and reputational risk analysis on any given target company. It claims to offer its product with a fast turnaround and high-quality research capabilities.
“Our Due Diligence AI is purpose-built to help risk professionals across industries execute a broad range of analyses, starting from ‘know your business (KYB)’ to meeting enhanced due diligence compliance requirements,” said Govind Balachandran.
According to him, SignalX platform is used by professionals in performing valuations, mergers and acquisitions, insolvency, and forensics to serve their customers in India and the US. Commenting on the investment, Govind said,
“With this funding, we will be strengthening our core platform and opening up our SaaS application further to enable compliance and risk professionals to leverage AI in running comprehensive analysis and risk assessments with ease, at high-speed, and with high-quality.”
Denver, Colorado-based 3Lines Venture Capital has built a portfolio of close to twenty early-stage companies in the US and India since its inception in 2016.
Rajiv Roy, Venture Partner at 3Lines and a technology industry veteran, said, “Our investment focus on customer-funded growth and AI-powered innovation strongly aligns with the business operations strategy of SignalX.”
Earlier, in 2020, SignalX was among the top three startups from Telengana that were selected for Microsoft’s initiative ‘Highway to a Hundred Unicorns.’ The initiative, which was aimed at helping entrepreneurs build and scale their companies by leveraging the cloud platform, enterprise sales team, and partner ecosystem, had selected a total of 54 startups from India.
Edited by Suman Singh
Want to make your startup journey smooth? YS Education brings a comprehensive Funding Course, where you also get a chance to pitch your business plan to top investors. Click here to know more.