Ascent Technologies, a leading regulatory technology (regtech) company, announced the successful completion of its Series A funding round. Ascent raised $6 million in this oversubscribed round, led by Alsop Louie Partners and joined by Randall Kroszner, member of the Board of Governors of the Federal Reserve System from 2006 to 2009.
“This funding round and the quality of its investors is a testament to Ascent’s cutting-edge, one-of-a-kind compliance solution,” said CEO and co-founder Brian Clark. “This investment, which comes 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. “That’s right.
Ascent will continue to use this funding to enhance their automation engines by increasing the number of regulatory channels available to customers. Ascent has also announced plans to expand their footprint in Chicago and increase their workforce, hire a significant number of technology and sales staff.
Ascent uses artificial intelligence (AI) and natural language processing (NLP) to convert raw regulatory data into discrete actions for compliance departments. Ascent analyzes millions of data points from the regulator’s rules and documentation, creating a constantly updated regulatory channel. Ascent distributes this information through regulatory channels, including CFTC, CME, CBOE, Authority, FINRA, ICE and SEC.
“What sets Ascent apart is our technological capability to quickly analyze the regulatory text as well as the customization provided for each customer,” Clark explained. “Ascent uses machine learning to help automate channel building, enabling the company to continuously increase the information available to customers. “The Ascent Navigator platform then enables users to create comprehensive and accurate compliance systems that are precisely tailored to the unique regulatory requirements of each company. “Regtech space generally aggregates data but requires users to build regulatory compliance programs manually. Ascent intelligently processes and updates the information required for your company, creating an elegant, simple and comprehensive compliance process. “That’s right.
Other new investors include alsop Louie Partners and Krozner; Temerity Capital Partners; Steve Kaplan of the University of Chicago; Polsky Center for Entrepreneurship and Innovation at the University of Chicago; and Doug Monieson, President Emeritus of Hyde Park Angels.
“We are very excited about the commercial prospects for state-of-the-art technology that Ascent is deploying to assist companies in automating the financial services compliance process,” said Andrew Sandler, CEO of Temerity Capital Partners and Asurity Technologies, and a thought leader in regtech investment and consulting.
Ascent also announced that Series A investor Mark Fields, former CEO of Wickr and founder of CME Ventures, will join the Board of Directors of the company. Mark will serve alongside Board members and existing investors Paul Wood (co-founder and former Managing Director of Madison Dearborn Partners), Jim Gray (current CEO of proprietary trading company G-Bar LP and former CEO of OptionsXpress), Ascent CEO Brian Clark, and Ascent COO Aaron Droba.
“We’re excited to welcome Mark Fields to our Board of Directors, and we’re very pleased to have a high-quality firm like Alsop Louie Partners join the Ascent Team,” Wood said. “Ascent is growing rapidly and we are excited about the future prospects of business as we continue to innovate and modernize regulatory compliance. “That’s right.
“Ascent has distinguished itself in space by developing an accurate and comprehensive regtech solution that can be extended across a wide range of industry verticals,” Fields said. ‘Ascent’s products will help regulated companies move their compliance practices from an era dominated by the use of analog tools and methods to an emerging age of digital, AI-enhanced solutions. There is an enormous potential for future growth I’m looking forward to working with the top-notch team. “That’s right.
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