Accend Technology, Inc. Market Research Report
Company Overview
Name
Accend Technology, Inc.
Mission
Empower financial institutions by streamlining business onboarding and enhancing compliance through the automation of risk assessment and data extraction.
Founded
2023
Founders
No information is available
Key People
- Pranjal Daga, Cofounder
- Yutong Pei, Founding Engineer
- Kevin Bishop, Founding Engineer
Headquarters
San Francisco Bay Area
Number of Employees
2-10
Revenue
No information is available
Known For
Accend Technology is known for its AI-driven solutions that automate business onboarding, industry risk assessment, and data extraction processes, specifically designed for financial institutions.
Products
Offered Products
1. Automated Business Nature Verification
2. Industry Risk Intelligence
3. Document Intelligence
Product Descriptions
Automated Business Nature Verification
- Description: Consolidates data through comprehensive web searches for business verification.
- Key Features:
- Entity web presence
- Website verification
- Products and services descriptions
- Business model analysis
- Beneficial owner background information
Industry Risk Intelligence
- Description: Identifies and classifies industry risk through customizable AI models.
- Key Features:
- Automated industry code classification (NAICS: 511210 - Software Publishers)
- Customizable industry risk model
- Tailored compliance narrative
Document Intelligence
- Description: AI-powered document management for analysis and classification of financial documents.
- Key Features:
- Intelligent financial document spreading
- Intelligent bank statement conversion & analytics
- International incorporation document verification
- Document-First account registration
- Dynamic industry risk alerts and RFIs
Recent Developments
New Products Launched
- Accend has launched extensive tools for:
- Augmented onboarding and underwriting on a single platform
- Real-time business and industry risk intelligence
New Features
- Accend has gone live with Launch YC on August 29, 2023.
- AI model for industry risk decisioning with over 90% accuracy
- Real-time updates on company products, services, and business models, as well as beneficial ownership mapping
New Partnerships
- Collaboration with Pleo to develop their AI-enabled KYC system for more efficient customer onboarding.
Fundraising
- Raised $3.2M in a seed round on August 9, 2024, backed by Adverb Ventures and two other investors.
Strategic Developments
- Achieved SOC 2 Type II compliance, enhancing trust and security of the platform.
Recognition
- Multiple client testimonials from Pleo, Slope, Decentro, and TransFi highlighting significant time savings and operational efficiency improvements.
No additional commentary at the end of the report.
