Augmetec will also use new funds to grow client base, fund its product development and level up its offering on a global scale
LegalTech startup Augmetec has raised over £2m in seed funding to turbocharge its growth.
The company’s platform – LEIAA: Your Investigations Command Centre – is built by investigators, for investigators, and helps organisations to standardise processes and investigative workflows, maintain trust, and increase transparency and auditability.
The London-based firm will use the fresh injection of capital to continue growing its client base, fund its product development and level up its offering on a global scale.
The company has structured plans to expand its team by bringing in key hires in engineering, compliance, operations, and sales.
It is also aiming to strengthen its international enterprise partnerships and invest in developing new features and enhancements for the LEIAA platform.
The round was led by UK-based early-stage investors Fuel Ventures, with participation from Swiss fund 14Peaks Capital, and three industry angel investors, including a retired senior partner at Kirkland & Ellis, the family office of NetDocuments’ original founding team, and the head of fraud at Rajah & Tann Singapore.
“Augmetec has been built on decades of experience in conducting hundreds of high-profile investigations into alleged improper conduct. Our fantastic team has deep industry expertise to create specific solutions to solve precise, real-world problems,” said Kritin Sundaram, co-founder and CEO at Augmetec.
“Our vision is to ease the overwhelming burden placed on the shoulders of investigative teams handling numerous, often complex, and multi-faceted investigations, which frequently involve multiple stakeholders across jurisdictions.”
Oliver Hammond, partner at Fuel Ventures, added: “We’re so excited to be working with Augmetec. We’ve seen internal investigations within corporations increase significantly as regulation grows and levels of improper conduct increase.
“Progress in AI and automation means we think the time is now to automate and maximise the efficiency to a significant degree in that process, allowing corporations to come to conclusions quicker and more accurately.
“We think Augmetec is going to revolutionise this industry.”