Droit, a New York based technology firm at the forefront of computational law and regulation, announced it has closed a $23 million Series B investment in its latest funding round.

The round was led by Pivot Investment Partners and UBS through its venture and innovation unit UBS Next. Goldman Sachs, an existing investor, is also participating in the financing round.

Since its founding in late 2012, Droit has established itself as a technology provider advancing global regulatory compliance in the capital markets space, with its patented Adept platform now used by the world’s largest financial institutions for pre- and post-trade decision-making and auditability.

The investment will support Droit’s expansion into wealth management through the development of new products specifically for the sector, including Cross Border and Product Suitability. This natural extension of the Adept platform for use in wealth management will allow financial institutions to benefit from the same transparent decision-making infrastructure deployed for capital markets. The investment will also support Droit’s expansion of new and existing products, including Position Reporting, Transaction Reporting, advancements in Droit’s Pre-Trade product suite, and the build-out of new cloud-based services.

“This year marked Droit’s 10-year anniversary and we greatly appreciate the support from our investors and their confidence in our future success. This funding will enable us to accelerate the innovation of our new product lines,”

said Brock Arnason, Founder and Chief Executive Officer of Droit.

“We are also excited to join UBS Next’s portfolio of fintech companies and look forward to partnering with them on building out our wealth management capabilities.”

“We believe Droit’s capabilities will help companies unlock potential revenue streams by simplifying and driving real-time regulatory compliance,”

said Mike Dargan, Chief Digital & Information Officer, UBS.

“Through this investment, we will work with Droit to build out their product offering to support the industry and look forward to extending our relationship with them across our wealth management business.”

This funding round comes at a period of strong growth for Droit. Over the past two years, Droit commercialized four new product lines and increased its headcount by nearly 70 percent, adding key leadership roles in business development and technology. Droit also expanded its global footprint establishing a presence in Singapore to support existing clients and build new relationships in the region.

This article first appeared on fintechnews.ch

Featured image credit: Brock Arnason, Founder and Chief Executive Officer of Droit. Edited from Unsplash