UK regtech startup ALT/AVE has made three appointments to its advisory board and secured a funding boost of more than £500,000.
Keith MacDonald, former head of EY Wealth Management, Sarah Ronald, a serial entrepreneur and government digital adviser, and venture capitalist and private equity investor Dag Lee join the regtech startup’s newly created advisory board, alongside chief executive officer and founder Chris Ansara and chair Phil Shelley.
Each advisory board member has also become an investor in ALT/AVE, contributing personally to the company’s latest cash injection of £530,000.
The new funding will support further development of ALT/AVE’s product suite and technology offering, as well as further commercialisation. Existing investors also participated in the round.
ALT/AVE’s flagship product docStribute allows companies to deliver private, confidential and mandatory documents to customers digitally, via immutable hyperlinks, using distributed ledger technology. The product can exist and function alongside, or replace entirely, existing portal systems.
Shelley said: “docStribute was launched in response to a major problem in the financial services industry; existing communication channels are heavy users of carbon, represent significant cyber risk, and are expensive whilst often offering the customer a poor experience. In launching a product that uses the Hedera Hashgraph network, ALT/AVE is providing a safe and secure channel that reduces emissions and that offers customers a positive experience.”
Commenting on the appointments and funding, Shelley added: “I am delighted to complete our second fund raising of £530,000 with strong support from existing and new shareholders.”
“I am also delighted to welcome new advisory board members who I am confident will enable the company to continue growing. Each of the three new appointments bring unique and very relevant experience as well as broad connectivity that will help ALT/AVE continue its rapid progress.”