Digital intelligence business Neotas has closed a funding round of over £1 million backed by Symvan Capital, Force Over Mass and a number of private investors.
The London-based company provides enhanced due diligence and HR screening by analysing individuals’ ‘digital trails’ to provide deeper insights into their background, behaviour and networks.
The service enables investors and employers to screen key personnel, safeguard their investments, mitigate against fraud and insider threats and evidence compliance standards.
Neotas’ advanced digital intelligence platform, which is operated by former military and intelligence analysts, leverages open source intelligence (OSINT).
This includes analysis of international records, social media and the deep and dark web – information which is openly available but mostly cannot be found via search engines.
The funding will allow Neotas to further develop its platform and technology, expand its team of advanced analysts and step up its sales and marketing operation.
Neotas was founded in early 2017 by Vipul Mishra, who was previously head of information security at a leading London-based hedge fund, and Ian Howard, who has over 30 years’ experience in finance and investment.
“We have already invested heavily in developing our technology,” said Howard.
“This funding will allow us to take it one step further, and create a next generation due diligence platform to allow organisations to mitigate risk and safeguard their investments and brands in the modern era.”
Nicholas Nicolaides, investment director at Symvan Capital, added: “People are the biggest risk in any organisation.
“Neotas allows businesses to access the wealth of information available in today’s digitally interconnected world to safeguard their operations and investments.
“Driven by both changes in the regulatory environment and the exponential growth of available information, the company’s client base has been expanding steadily, and this investment will allow it to propel its growth to a new level.”
The company has built up a steady client base that includes a range of private equity firms, insurance companies, investment houses and other financial institutions.
Neotas was advised by PwC and White Horse Capital and was part of the autumn Raise programme.