Compliance communications surveillance service txtsmarter has raised Series A funding. The amount of the investment was not disclosed.The Silicon Valley, California-based company also announced a new CEO, Edward Green.Founded in 2014, txtsmarter demoed its technology at FinovateSpring earlier this year.
Private messaging communications surveillance service txtsmarter is sharing some big news. First, the Silicon Valley, California-based company has closed a Series A funding round led by North Carolina-based investment bank and financial services company, Carolina Financial Group. The amount of the investment was not disclosed.
Second, txtsmarter has appointed a new CEO, Edward Green, to lead the company in its next stage of growth. Formerly CEO of Ring Access and Basys Automation Systems, Green also has 26 years of direct venture capital experience. He replaces outgoing CEO Nuri Otus, who is no longer involved in the company’s operations.
Speaking about the fundraising, Green pointed to growing demands from companies to meet regulatory expectations as they relate to private messaging and communications. “Over the past couple of months, global regulatory agencies have focused on financial institutions, levying billions of dollars of fines for missing texts and WhatsApp messages,” Green explained. “txtsmarter’s unique solution empowers companies to achieve eComms compliance in near real-time across an ever-shifting landscape of communications channels.”
txtsmarter’s technology enables the capture, verification, encryption, and archiving of data from private messaging applications, platforms, and services. The company’s compliance communications surveillance service works with Apple iMessage, Android SMS/MMS, WhatsApp, and other messaging products. By making previously inaccessible data available in real-time – and recently adding the ability to access historical messaging data, as well – txtsmarter helps businesses meet compliance obligations and mitigate data leaks.
This spring, txtsmarter was awarded the 2022 Most Innovative Use of Alternative Data in Regulatory Compliance at the A-Team Innovation Awards. The company called the award a validation of the work its done in developing its intelligent compliance solution, as well as a reflection of the need for such a solution in the marketplace.
“With txtsmarter, there is no data loss, no apps to install, and no learning curve; it’s an elegant solution for the modern world of e-comms compliance surveillance for any company,” Hugh Cumberland, Managing Director, UK/EMEA, said. “We have all seen what big headlines can do to a company’s brand and reputation and have observed the FCA cracking down on firms to ensure all communications are recorded as required. txtsmarter mitigates communication data gaps to prevent sanctions and fines during the audit process. It’s as simple as that.”
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