Axiado collects $10m in convertible notes

Axiado has collected $10m in the form of a convertible note from Obit Venture Partners.

The capital was raised to support the development of its firewall platform.

California-headquartered Axiado is an AI-powered firewall platform which helps eliminate breaches at the perimeter of existing networks and cloud infrastructures. The company, which was founded in 2016, helps protect businesses across a variety of industries with military-grade encryption and authentication requirements on data.

Axiado founder and CTO Axel Kloth said, “This bridge round will complete our ongoing product development as we send current products to market. We will increase our workforce and grow our patent portfolio.”

The US has dominated the RegTech marketplace since 2014, RegTech Analyst data shows. Of the $16.1bn to be invested between 2014 and Q3 2019, 58.4% of this went to businesses in the US. China is the next biggest market with 17.3% and then the UK with a 7% market share.

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