Gradient Ventures, Google's early-stage AI fund, has led a $3 million funding round for AI start-up Arva AI.

Arva AI provides AI-based business verification solutions for banks and FinTechs, with its software focusing on the automation of Know Your Business (KYB) verification to reduce onboarding times and strengthen compliance operations.

Its AI-powered platform seeks to automate KYB's labour-intensive tasks, with the aim of transforming fragmented and unstructured data from logs, social media, websites and documents into actionable risk assessments.

Arva AI said the seed funding will accelerate Arva AI’s product development and market expansion in a quest to meet the increasing demand from banks and FinTechs seeking to modernise compliance operations.

The round was supported by a range of investors including Y Combinator, Amino Capital and Olive Tree Capital, and angel investors from several FinTech organisations.

Eylul Kayin, partner at Gradient Ventures said: “Arva AI’s approach to automating business verification is exactly the kind of innovation the industry needs, and we’re excited to support their growth.”

Gradient Ventures, is actively investing in various AI-focused start-ups, with current investments including marketplace for algorithms and functions Algorithmia, manufacturing solutions specialist Dyndrite, and open-source AI platform for businesses Cake.

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