Miura RegTech automates the entire regulatory compliance process using document scanning and natural language processing technology. It imports rules from the regulator and automatically updates changes to the firm’s policies, procedures and systems, all monitored in real-time by compliance, audit and the regulators themselves.
Founded by Alex Martin, the business took part in the second NDRC at ArcLabs accelerator programme, emerging victorious from a competitive Investor Showcase in late 2019. It also won the Munster Seedcorn competition at the end of 2019.
“We started from scratch in January, 2019,” he said. “We incorporated the business, had a couple of pilots with UK clients, but we really wanted to get money to help automate the solution we had. The first six months of the company was all about that - finding tech partners, finding potential customers etc. Then we joined the NDRC at ArcLabs programme and developed on from there.”
Alex, during the programme, looked at the business more. He developed some systems, got the front-end of his solution right, built a prototype and, essentially, got some shape on his business. Even with this growth, taking part in programmes such as NDRC at ArcLabs, or Seedcorn, or working with Enterprise Ireland, took time.
Yet the finances involved helped Miura RegTech pay for some staff to develop the solution, which in turn secured clients and got the business to the next stage.
At the culmination of NDRC's programme, Ben Hurley, CEO of NDRC, said: “Miura excelled on the day due to the founders’ deep domain competence and the very strong team he has around him. There’s a clear customer focus to deliver a customer-led solution to an identified and verified problem, as well as a good application of technology to automate a manual process.”
Hurley added: “Regtech is a very big market, ripe for disruption opportunities, if a start-up can find the right solution. Miura clearly knows its target market well and has a clear value proposition that delivers a measurable RoI for the customer.”
After a very hard-working six months, Alex and his Miura RegTech team made it to 2020 in fine shape, with a view to doing a large seed raise in Q3/Q4 of 2020.
Now, with far more development under their belts, the Miura RegTech team are looking into an exciting 2020, despite the Covid-19 obstacles facing many of their contemporaries.
“Our software was built back in March,” said Martin, “but it has taken us two or three months to build it out, test it, assure the security, satisfy users etc. Now that this is done, it's time to build out our business.”