SignalX Pvt Ltd, an artificial intelligence (AI)-based risk management and compliance startup, has raised Rs 6 crore (approximately $810,356 at current exchange rates) in a seed funding round.
The round in Hyderabad-based SignalX has been led by 3Lines Venture Capital, a United States-based firm that invests in startups focussing on the future of work, AI, and Industry 4.0.
SignalX was set up in 2018 by Govind Balachandran, Zakir Wahab, and Piyush Arora. The company says its Due Diligence AI platform helps professionals in industries including compliance, risk and legal to conduct a broad range of analyses.
In a statement, Balachandran said the company will use the funding to strengthen its core team as well as expand its customer base.
The company operates a software-as-a-service model where users can execute checks on a per-target basis, or against a subscription fee.
SignalX says its clients will also soon be able to integrate its services into their risk management workflows via the application programming interface (API) route.