The inaugural venture of Entreda founder
On Thursday, Surge Ventures announced the launch of RegVerse, a platform focused on advancing regulatory technology by leveraging artificial intelligence to simplify intricate regulations while automatically identifying and summarizing pertinent guidelines.
RegVerse's flagship product, called Avery, is billed as an AI-powered "regulatory co-pilot" that was created to handle the compliance needs of RIAs, broker-dealers, hedge funds, mutual funds, insurance agencies and banks.
RegVerse says Avery taps into an extensive repository of over 100 state and federal regulatory sources, tailoring regulation management to each entity's unique requirements. The software can pinpoint compliance gaps and ensures adherence through the mapping of regulatory requirements.
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If something goes wrong, real-time alerts for regulatory events give users instant updates. Avery also includes a collaboration hub to streamline compliance-related communication, regulatory management, information exchange, task allocation and progress tracking.
"Navigating intricate regulations presents an ongoing challenge for firms of all sizes," Yenamandra said in a statement. "Avery's blend of AI-powered insights and human support empowers firms to effectively track and implement best practices, reducing risks and ensuring stringent compliance with ease."
Surge Ventures ended 2022 by
Surge's advisory board includes Larry Roth, the former CEO of Advisor Group and Cetera; Matthew Martin, LPL's deputy chief information security officer; and Geoff Moore, chief information officer of insurance and wealth management brokerage Valmark Financial Group.
Yenamandra stepped down as chief customer officer at communications compliance firm Smarsh in October after leading his prior startup, Entreda, through its transition under a new parent.
After spending roughly the past decade with Entreda working on protecting firms like Advisor Group and about 300 of the largest brokerages and registered investment advisors from cybersecurity breaches, Yenamandra aims to invest in software that gives the industry the data tools it needs in areas such as compliance, storage and business applications.
His career also spans two other startup exits and a tenure leading a semiconductor manufacturer's data project under a contract with the National Security Agency.
Yenamandra previously told Financial Planning that Surge will focus on software addressing the industry's "data hygiene challenge," with an approach aimed at helping innovators get over the humps that come from questions such as raising capital, creating sales and marketing plans and working with the right developers.
