A Chicago startup that helps companies automate compliance obligations and rule changes related to their business has raised a new round of funding.
Ascent announced Tuesday that it raised a $19.3 million Series B round led by Columbus-based VC firm Drive Capital. Other backers include banks ING and Wells Fargo, along with Alsop Louie and The University of Chicago.
Ascent has raised more than $26 million since it launched in 2015.
The startup uses artificial intelligence to help organizations automate regulatory compliance. Its software helps companies save money and reduce risk by simplifying regulatory compliance, allowing customers to track, manage and resolve complaints and compliance issues as they arise. The company's tech processes and analyses regulatory text, automatically tackling tasks that can take individual compliance officers and lawyers hours to do.
Its customers include ING, tastyworks and investment platform Halo.
Founded out of the University of Chicago and a finalist in the school's 2015 New Venture Challenge competition, Ascent has grown to 48 employees. The startup said it will use the new funding to grow its team, improve its product and increase its brand awareness.
“While digital transformation of the enterprise is happening everywhere, compliance has been largely left behind, which is unthinkable considering the risk involved in compliance work," Brian Clark, founder and CEO of Ascent, said in a statement.
Correction: The latest funding is part of Ascent's Series B round, not Series A round.
