Pitch Wednesday participant Neotas secures £1 million funding

Pitch Wednesday participant Neotas secures £1 million funding

by Mark Selby, 7 December 2018

Digital intelligence business Neotas has closed a funding round of over £1 million with the support of Innovation Warehouse, backed by Symvan Capital, Force Over Mass and a number of private investors.

Neotas takes employee screening and due diligence to a whole new level, carrying out digital deep background checks in real time to answer that crucial employer question: how well do you know the people you invest in?

The newly secured funding will enable the company to further develop its platform and technology, operated by former military and intelligence analysts, expand its team and step up its sales and marketing operation. Innovation Warehouse supported Neotas throughout the process by providing mentorship and helping to secure investment.

Neotas director Ian Howard said: “We have already invested heavily in developing our technology. This funding will allow us to take it one step further and create a next-generation due diligence platform to allow organisations to mitigate risk and safeguard their investments and brands in the modern era.”

The London-based startup uses ‘digital trails’ to reveal potential employees’ true character, behaviour and networks – searching all open web sources, including over 10,000 international adverse media sites and more than 200 social media platforms, discussions and blogs.

The service enables investors and employers to screen key personnel, safeguard their investments, mitigate against fraud and insider threats and evidence compliance standards. It also provides a unique service to ensure employers comply with SMCR/FCA assessment criteria.

Neotas screens for:

  • Threatening, derogatory or explicit content
  • Extreme views or opinions
  • Involvement in illegal activities
  • Questionable relationships and connected parties
  • Negative commercial content
  • Multiple identities or aliases
  • Potential conflict of interest

The startup was founded in early 2017 by Vipul Mishra, who was previously head of information security at a leading London-based hedge fund, and Ian Howard, who has over 30 years’ experience in finance and investment. The company has built up a steady client base that includes a range of private equity firms, insurance companies, investment houses and other financial institutions.

Neotas was advised by PwC and White Horse Capital and was part of the autumn Raise programme.

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