Each country has its own set of laws, rules, and regulations. It is difficult to keep up with them all. Regology, a startup in its early stages, wants to change this by automating the process.
Acme Capital led the $8 million Series A, with participation from Pine Wave Investments and Gagarin Capital.
Mukund Goenka, the company's co-founder and CEO, spent over 15 years in banking. He saw firsthand the challenges of keeping up with regulations as well as the financial consequences. Regology was founded by Mukund Goenka to help large multinational companies keep up with the myriad regulations.
Goenka claims that his company was founded by compiling a law database. Our database is very extensive and constantly updated. It covers geographies across five continents and many countries. We also cover the entire lawmaking process, from bills to regulations to laws and agencies to their daily updates. Goenka said that it also covers many industries and topics.
They don't stop there. They provide customers with a framework to automate compliance in any business they do. In addition, they review and update laws frequently to ensure that their customers remain compliant. Goenka stated that they target large Fortune 500 companies. He couldn't give specific examples, but he said that the market included many of the biggest tech companies and banks.
The company was founded in 2017, and currently has 20 employees. There are plans to increase that number by at least two-thirds by the end. In a business that already looks at the regulatory environment of 25 countries, it is vital to be diverse. It is crucial to understand how each country works. This requires a diverse workforce.
Goenka claims that the company was remote since its inception, well before COVID. Although there is still an office in Palo Alto that Goenka maintains, it will remain remote until it is safe to reopen.
