Selections #17: Aibidia, Apiax, Juro, ThoughtRiver

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Apiax – Regulations mastered digitally

Swiss-based, 2017 founded, $8.1m raised, 25-50 employees, working with leading Financial Service companies

Where’s the good stuff?

They raised their $6.6m Series A back in Q4 2019, led by and XAnge, two strong early-stage investors, backing companies including NGINX, Staffbase & AB Tasty.

What do they do?

Apiax enables employees to easily access, assess and understand compliance rules by converting written regulations into machine-readable format, which can then be delivered in a more user-friendly way, such as a mobile or web app. This allows workers to answer complex regulatory questions right on their devices, but also empowers them to stay confident and productive in even the most complicated client/customer interactions.

With cross-border capabilities, their solution currently focuses on FS, but can be applied across any industry where compliance and regulations are a major obstacle in client-to-customer conversations, such as pharmaceuticals and logistics.

Aibidia – Amplify transfer pricing with analytics and automation

Finnish-based, 2014 founded, €4.2m raised, 10-25 employees, working with unknown

Where’s the good stuff?

They just raised a €4.2m Seed round this month, led by Global Founders Capital and GFC have previously backed companies such as LinkedIn, Revolut, and Slack. They’re also securing impressive people, announcing that Ketan Patel (Global Head of Tax Technology, Morgan Stanley) is joining their advisory board.

What do they do?

Well, first off, here’s a brief description from CEO H-T Lepännen of what Transfer Pricing (TP) is: “In essence, it boils down to the question of how to ensure a fair and transparent split of the global profit within multinational companies”.

For large businesses with multiple entities that operate seperately, TP is a heavily regulated part of their internal accounting process. Aibidia helps these companies gain control over these processes with a digital platform that helps define and justify the global profit split while simultaneously automating the burdensome statutory reporting process, all in the cloud.

– Make contracts work for everyone.

UK-based, 2016 founded, $7.8m raised, 25-50 employees, working with Deliveroo, Secret Escapes, SkyScanner

Where’s the good stuff?

They raised a funding round at the start of this year, a $5m Series A led by Union Square Ventures with existing investors Seedcamp and Point Nine joining. Co-founder and CEO, Richard Mabey, was named as one of the Top 10 ‘legal business technologists’ by the FT in 2019.

What do they do?

Juro is taking the tedium out of negotiating and drawing up contracts by making contract-building more interactive and trackable, doing for contracts what Typeform did for surveys. Their software transforms legal contracts from static files into dynamic, modular agreements that integrate seamlessly with core business processes like Sales and HR workflows.

It also handles e-signing, and follows on with contract management services, using machine learning tech to power features such as automatic contract tagging and for flagging up unusual language. Their software is saving businesses up to 96% of time spent on contracts and has been used to process over 50,000 contracts in more than 50 countries.

– Intelligent contract pre-screening

UK-based, 2015 founded, $5.0m raised, 25-50 employees, working with BT, DB Schenker, G4S

Where’s the good stuff?

Were recently included in Tech Nation’s Upscale 5.0 cohort, alongside scaleups such as Arctic Shores and Whitehat. They are backed by two well respected early stage investors, LocalGlobe and Crane, securing their $4m Seed round in Q3 of last year, their most recent raise since they secured $1m from a strong quorum of HNWs back in 2017.

What do they do?

ThoughtRiver’s pre-screening software is designed to automate day to day routing and prioritisation decisions for busy in-house legal teams. Their natural language processing engine understands a contract at the sentence level, which their Lexible framework can then query, answering thousands of individual questions of that contract to build a detailed picture of the obligations and rights within it.

These answers are then compared against an organisations own playbook to produce a bespoke risk assessment and a decision on next steps for each contract. The risk assessment and corresponding remediation advice are then served up to users within Microsoft Word with both one-click comments and template clauses built-in. Most commercial agreements are reviewed within minutes, vastly increasing sales velocity.

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