Regtech start-up Miura wins €25,000 at ArcLabs Investor Showcase

25 Nov 2019287 Views

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Image: NDRC

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Led by Alex Martin, Miura was set up to automate the entire regulatory compliance process using document scanning and natural language processing technology.

On Monday (25 November), regtech start-up Miura announced that it has won €25,000 in follow-on funding after winning the NDRC at ArcLabs Investor Showcase.

The pitching competition and accelerator was held in the Waterford Institute of Technology’s ArcLabs innovation hub.

Earlier this month, the hub was reopened with an extension that doubled the size of the facility. The extension was funded by a €2.5m investment from Enterprise Ireland.

This is the second time the accelerator programme held by NDRC in the south-east took place, with Miura competing against home care, education, cloud computing, boat technology and leak detection start-ups.

‘Miura excelled on the day due to the founders’ deep domain competence and the very strong team he has around him’
– BEN HURLEY

The regtech start-up 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.

Led by CEO Alex Martin, Miura is the second winner of NDRC at ArcLabs, following LiveCosts’ emergence in 2018.

There are plans for a third accelerator programme operating out of Waterford Institute of Technology campus next year.

Regtech ‘ripe for disruption’

Ben Hurley, CEO of NDRC, served as one of the showcase judges. He commented: “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.”

Beside Miura, the judges received pitches from Brickfield Education Labs, Raceix, PacSana, Smart Flow and Stackolater.

NDRC is currently accepting applications for its upcoming Dublin accelerator programme. Information is available here.

Kelly Earley is a journalist with Siliconrepublic.com

editorial@siliconrepublic.com