SignalX is an Artificial-Intelligence-based corporate risk management start-up that offers enhanced target due diligence and financial information automation which is specifically built for valuation purposes, Mergers and Acquisitions, Financial Institutions and Compliance.
Recently, SignalX has announced to raise funds worth INR 6 crore in its Seed funding round which was led by 9Unicorns, Venture Capital fund- 3Lines Venture Capital and Hyderabad Angel co-investors.
According to sources, it is confirmed that Venture Partner at 3Lines Venture Capital, Rajiv Roy will be joining the board of directors at SignalX.
The AI-based risk management start-up was founded back in 2018 by Piyush Arora, Govind Balachandran and Zakir Wahab. The company offers an Artificial-Intelligence based Software as a Service platform for managing due diligence and risk for corporate entities and companies.
This corporate risk management and compliance firm provides its services for a comprehensive legal, financial, regulatory and reputational risk analysis on any given company. The company is well reputed to provide excellent services with high-quality research tools and a faster than ever turnaround.
Govind Balachandran mentioned in a statement that SignalX’s Artificial Intelligence-based Due Diligence service is specifically built to help legal, compliance and risk professionals to process and execute a decent range of analytics, starting from KYB screening to meet the target due diligence requirements such as AML (Anti-Money Laundering, Section 29A of Insolvency and Bankruptcy Code, Customer due diligence, enhanced due diligence, reputational risk verification, Financial modelling etc.
Commenting on the freshly acquired funds, Govind added that the company is excited to be backed by 9Unicorns. Their expertise and rich knowledge base along with their extensive network will help SignalX grow its business and establish themselves as a go-to platform for all compliance, due diligence and risk management seeking platforms across various industries and operations.
Furthermore, he added that the freshly acquired funds will be used by the company to strengthen its core team and expand its user base across various industries in functions.
On the other hand, Apoorva Ranjan Sharma, Co-founder, 9Unicorns said that in current times, more and more regulators are demanding stricter compliance to laws and regulations which leaves risk management professionals across the industry in need of a quick and deliverable platform. SignalX is capable enough with its core team to expand its user base and capitalise on this market as it has a lot of potential in the foreseeable future. He added that 9Unicorns has full faith in the founding members of SignalX and with this hope, the capital infusion will boost their SaaS platform and push their growth and expansion plans forward.