Zango AI, a platform for regulatory compliance, raised $4.8 million (roughly Rs 41 crore) in a seed round led by Nexus Venture Partners. South Park Commons, Notion Capital, No Label Ventures, and Start Ventures made follow-on investments.
The money will be used by the San Francisco- and Bengaluru-based company to expand its teams in London and Bengaluru and to create more sophisticated modules for its AI-driven governance, risk, and compliance suite.
Ritesh Singhania and Shashank Agarwal co-founded Zango’s cloud-native solution, which builds intelligent agents that automate tedious compliance procedures using regulatory-domain large language models.
In the past, Singhania established the pension regulation platform ClearGlass, and Agarwal founded Third Watch, an AI fraud detection business that Razorpay later purchased in 2019.
By extending its offering to asset management and insurance companies, the startup enters new verticals. Financial firms like Novobanco, Monzo, and Juni use it to expedite regulatory processes that usually take days to a few hours.
Zango’s competitors in India are RevRag.ai, Haptik, and Yellow.ai, all of which provide automation tools for financial services and banks. Companies that specialize in compliance automation, such as Sprinto, Vanta, and Drata, compete with it on a global scale.
