Regulatory Compliance Startup Cappitech Raises $4 Million

Israel-based regulatory compliance startup Cappitech Ltd. has raised a $4 million series A, the company announced Tuesday. The round was led by Israel-based 83North Venture Capital, with participation from the co-founders of Markit Ltd., a financial services company that merged with IHS Inc. in 2016.

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Following the investment, Markit co-founder Rony Grushka will join Cappitech's board of directors.

Founded in 2013 and headquartered in Herzliya, a city in central Israel, Cappitech provides automated regulatory reporting technology for the financial services industry. Clients can also use the company's service to analyze their daily trading data and monitor their reporting status.

The company intends to use the funding for product development, and to hire additional marketing and sales personnel, with a focus on Europe.

"It will enable us to extend our global reach and add even more functionality to our platform," said Cappitech CEO Ronen Kertis in a statement.