Singapore-based regulatory compliance software developer Tookitaki has added $11.7m from investors including quantitative trading firm Susquehanna International Group (SIG) to a series A round now sized at $19.2m, VentureBeat has reported.
SIG, which invested through its SIG Asia vehicle, joined venture capital fund Viola Fintech, which led the extension, as well as securities brokerage Nomura Holdings.
The $7.5m first tranche was led by VC firm Illuminate Ventures in March this year and backed by government agency Enterprise Singapore, Jungle Ventures, Supply Chain Angels and VWX Capital.
Founded in 2014 in India as Social Audience, Tookitaki has developed software that uses a combination of artificial intelligence, machine learning and distributed systems to scrutinise processes at financial institutions to ensure they meet regulatory standards.
The offering includes anti-money laundering tools and an automated platform for checking records against each other – a regulatory process known as reconciliation.
Proceeds from the round will support product and technology development, Tookitaki CEO Abhishek Chatterjee said, as well as recruitment across its US, Singapore and India branches. Viola Fintech general partner Michaeli is joining its board of directors.
The company had previously received a total of $8.8m in seed funding according to VentureBeat, including $1m from Jungle Ventures, Rebright Partners and Blume Ventures in 2015.
Tookitaki also secured $200,000 from investors including Centre for Innovation, Incubation and Entrepreneurship in 2013. India Internet Group, Blume Ventures, Srijan Capital and Harvard Angels are also among its early backers.