Communications surveillance firm听VoxSmart听has closed an 拢18.2 million round of financing.听
Amid the听shift to working from home during a year of COVID-19 lockdowns, the听firm鈥檚听tools听enable businesses to supervise communication conducted on a range of different voice and digital platforms for risk and compliance purposes.听
Demand for cloud-based surveillance technology has grown significantly, with 鈥�work from anywhere鈥�听becoming standard practice for many firms as they adjust to the post-pandemic economy.听听
VoxSmart听says its听expertise in unstructured data processing and indexing allows clients to ensure best practice and accountability of their employee communications in the event of audit, dispute or misconduct.听
It first introduced compliant WhatsApp surveillance to the market in 2016 and its technology now captures three messages a second for Tier 1 financial institutions across capital markets, commodity trading and the broker-dealer market.听
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The lead investor in this investment round is听Toscafund听Asset Management LLP,听VoxSmart听says, building on strong support from UK Investment Manager听Deepbridge听Capital.听
It is one of the largest fundraises conducted for the听RegTech听and compliance sector.听
鈥淎s market practitioners we have always been acutely aware of market developments and working with market participants to shape our product development and innovation,鈥� said CEO Oliver Blower.听
鈥淎s such it was important we found a partner who shared our vision and mission within financial services.听听
鈥淲e believe that听罢辞蝉肠补蹿耻苍诲鈥檚听global expertise and impressive market connectivity will be of tremendous benefit to听VoxSmart听in our next stage of growth.鈥�听
The investment will fund further expansion and growth particularly into North America and the emerging markets as well as product development in key areas such as instant message capture on emerging channels such as Telegram and Signal as well as enhanced employee risk and productivity analysis.听
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George Koulouris, Partner at听Toscafund, said: 鈥淲ith this investment,听Toscafund听has assembled an extremely attractive portfolio of fast-growing businesses that are all contributing their technological skills to the digitization and evolution that is currently taking place in the financial services sector.听听
鈥�The opportunities to invest in this fundamental industry shift are hugely attractive for those with sufficient experience to recognise the genuine leaders in the space. We look forward to working with Oliver and his team.鈥�听
Ian Warwick, Managing Partner at听Deepbridge听Capital, added: 鈥淲e have been working with听VoxSmart听since 2017, via our EIS fund, and are immensely proud of what the team have built.听听
鈥�VoxSmart听is exactly the type of business the Enterprise Investment Scheme is designed to support, being a growth-focused unique technology with global reach. We look forward to working with听Toscafund听to help the business continue to grow.鈥�听
RegTech