Ascent Technologies, a US-based compliance regulation software developer, has secured $6m in a series A round that featured University of Chicago (UChicago)’s Startup Investment Program.
The round was led by venture capital firm Alsop Louie Partners and also featured Temerity Capital Partners and assorted private backers.
UChicago Startup Investment Program, a $25m co-investment vehicle launched in 2016 to invest in university-affiliated startups, contributed $315,000 to the round.
Founded in 2015, Ascent Technologies has created a software-as-a-service platform that helps clients including financial services firms achieve legal compliance more efficiently. It uses artificial intelligence and natural language processing to enable personalised features.
Ascent will use the cash to hone its automation technology as it seeks to reduce regulatory compliance costs for its businesses. The company will also hire staff across its technology, sales and marketing teams while expanding its presence in Chicago.
Two former University of Chicago students, Brian Clark and Aaron Droba, co-founded Ascent Technologies while studying at the university’s Booth School of Business.
Ascent Technologies previously closed a $1.2m seed round in 2016, according the university, though a securities filing gave the figure as $1.5m.
The company has also received support from Chicago’s commercialisation hub, Polsky Center for Entrepreneurship and Innovation, including a $10,000 prize from Polsky’s New Venture Challenge contest.
Clark, co-founder and chief executive of Ascent, said: “This funding round and the quality of its investors is a testament to the cutting-edge, one-of-a-kind compliance solution Ascent offers.
“This investment, coming just after the successful completion of an international pilot that demonstrated the accuracy of our processes and technology, speaks to our ability to revolutionize how financial firms manage compliance.”
