Cygnetise, the software as a service (SaaS) startup, has raised £2.5 million (over $3 million) in a pre-series A funding round. Adjuvo, an investment syndicate based in the United Kingdom, led the round, which also included new investors, current VCs, and a number of angel investors.
The company intends to use the funds from the oversubscribed round to hire additional sales and development staff to enable it to accelerate the development of its collaborative digital signature management solution. The money will allow the London-based business to pursue additional worldwide and industry expansion in order to meet rapidly growing demand.
Blockchain-based Authorised Signatory Management
Most companies around the world, especially those in the legal and financial sectors, rely heavily on Authorised Signatory Management. Cygnetise’s goal is to improve upon existing manual processes by offering blockchain-based digital technology, which it says results in greater efficiency, security, and operational excellence.
The cloud-based technology lets the operations and finance teams digitally manage and share authorised signatories with their banks and other counterparties in real time. The end result is a more streamlined, transparent and secure process. In addition, it significantly reduces the likelihood of fraud, changes operations, helps with business continuity, improves governance, vastly boosts efficiency, and decreases expenses.
The company’s long-term goal is to establish itself as the gold standard in signature management across all sectors. Software infrastructure and major enterprise resource planning firms that are looking to increase their investment in this technology stack will also provide opportunities.
Cygnertise’s collaborative digital signatory management system gives its clients full control over who has signing power among their staff, which in turn boosts productivity, reduces costs, and eliminates the need for paper-based processes altogether. This, it says, saves users more than 90% of the time they would have otherwise spent on these inefficient methods.
The list of companies that Cygnetise works with continues to grow: they now include PWC, Societe Generale, Willis Towers Watson, Charles Schwab, JTC, Raymond James, ADNOC, Evelyn, and SEI.