The follow-on capital will support product development and international distribution for the marine sensor specialist.
"We are delighted that Cyclops has been able to attract this important new funding, which will allow the company to further extend its product range and expand its global distribution network"
The Cambridge-founded legal tech company has secured £7.5m from Octopus Ventures and existing backers to scale its US presence and sales operations.
"To receive this investment in the current climate is testament to the relevance of ThoughtRiver’s technology, when across the globe, businesses are looking to do more with less."
The Series A round was led by MetaQuotes and will fund product development and international expansion.
"Around the world, thousands of global companies suffer from the overwhelming number of jurisdictions in which they conduct business – and from the differences and even the variability of their requirements – making compliance and risk extremely difficult to manage. We solve the issue by presenting teams with a single solution to drive customers and enhanced due diligence from one place, customising the onboarding flow to any jurisdiction or requirement. Most importantly, we consult and support clients on the legal and compliance framework to make it fit with the applicable laws. With MetaQuotes joining our renowned group of existing investors, Sumsub has the global support of the greatest strategists to disrupt the most promising segment in the current world economy – regtech."
The insurtech firm has raised further capital from new and existing investors to support its ongoing expansion.
"We wanted to raise more in the spring but, with lockdown restrictions pending, we had to close the round early. However, since then, the business has performed incredibly well and we are seeing opportunities for new products and new markets,"