Hyderabad-based AI-powered governance risk management and compliance startup SignalX on Monday saidthat it has raised Rs 6 crore in seed round led by 9Unicorns, 3Lines VC, a US-based VC fund, with Hyderabad angels as a co-investor.
According to a statement by the startup, Rajiv Roy, Venture Partner at 3Lines, is joining the board of SignalX.
Founded in 2018 by Govind Balachandran, Zakir Wahab, and Piyush Arora, 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.
Speaking on the investment, Apoorva Ranjan Sharma, Co-founder and Managing Director, 9Unicorns added, “With every passing day, regulators are demanding stricter compliance with laws and regulations, leaving risk management professionals across industries in need of a platform that is quick and delivers quality assessment results. With its ingenious and ambitious core team, SignalX can easily capitalise on this market need and expand its customer base. We have full faith in the vision and capabilities of the founding team and we hope that the capital infusion will bolster their SaaS platform and push their expansion plans ever higher.”
South Africa Today