Having already raised its minimum target from top tier venture investors and independent angel investors, NowWeComply (Autologyx) took its funding round to SyndicateRoom to extend and broaden its opportunity to online investors, raising a total of £1,445,001.
Failure of businesses to comply with regulations can lead to commercial and reputational damage, or even criminal charges. Despite this, many companies are still using outdated and inefficient processes – unwieldy spreadsheets and staff prone to human error – to manage this risk.
NowWeComply has developed a unique online technology platform that enables businesses to quickly and simply automate complex operational compliance processes, cutting costs and risk while guaranteeing compliance. Processes that might have once taken months to implement can be deployed by non-specialists in just a few hours, and can be applied to almost any business process.
The platform is sold on a recurring licence fee model basis, with a typical annual client value of £35k to £100k or more.
Where are they now?
The company already has significant traction, winning customers that include FTSE100-listed Capita PLC. It has generated more than £600k in revenues to date and has a recurring revenue stream of c.£330k. During 2015, customers used NowWeComply’s technology to implement processes that have handled more that ten million compliance process steps and 500,000 documents on behalf of 50,000 individuals.
Since raising funds via SyndicateRoom, NowWeComply has rebranded, and is now called autologyx.