Abstract, an artificial intelligence company developing the first regulatory superintelligence platform, announced it raised $4.8 million in seed funding co-led by Bonfire Ventures and Communitas Capital. This latest funding round brings Abstract’s total funding to over $9 million.
The new funding round will drive a deeper focus on how Abstract’s platform combines disparate data elements like draft legislation, public comments, and regulatory discussions to deliver peak intelligence and context. And functioning like a team of analysts, Abstract enables users to proactively flag risks and opportunities relevant to their business, unlock broad insights through news and social media channels, and distill relevant, cross-jurisdictional trends in policy.
Federal lobbying spending by U.S. businesses has been increasing by billions of dollars. And U.S. firms spend a significant amount of total wage bills on regulatory compliance. As the first AI regulatory agent, Abstract addresses the cost and complexity of regulatory compliance by proactively addressing issues for legal, product, finance and human resources teams.
Abstract is creating the future of regulatory intelligence with its AI platform. Utilizing the latest AI technologies, including Large Language Models (LLMs) and Retrieval-Augmented Generation (RAG), the platform synthesizes millions of legislative and regulatory data points, pulling real-time information from over 145,000 government bodies, social media, and news trends. And the platform uncovers and contextualizes nuanced connections and implications missed in manual review, providing context for how news, media, and regulatory shifts may impact a company. By integrating with existing workflows and leveraging a proprietary database of over seven million regulatory records, Abstract taps into the most relevant risks and opportunities specific to each business’ needs and risk profile, surpassing any corporate teams’ ability to manually assess what external changes might pose a risk or opportunity to the enterprise.
Since its founding, Abstract has worked with over 200 organizations, including Fortune 500 companies, AMLaw 200 firms, non-profits, and government bodies.
KEY QUOTES:
“In a world where regulatory complexity continues to grow, Abstract is building essential infrastructure for modern enterprises and we’re thrilled to support them. What impressed us most wasn’t just Abstract’s technological innovation but also the team’s deep understanding of the regulatory landscape. Their background has uniquely shaped Abstract’s product strategy and go-to-market approach, positioning them to build something truly transformative in this space.”
– Mark Mullen, co-founder, Bonfire Ventures
“Our AI platform is already transforming the way our customers and technology partners are identifying how any proposed change or existing government policy impacts their business. Instead of spending inordinate amounts of time manually reviewing changes from legacy bill tracking tools, corporate teams are presented with Abstract’s tailored insights into ‘risks’ and ‘opportunities’ for their businesses, allowing them to be proactive before proposed bills or regulatory changes are finalized. Abstract acts as a team of analysts, providing context on how each change impacts everything from a product roadmap, to a profit and loss statement.”
– Pat Utz, CEO and co-founder of Abstract
“Abstract’s solution comes at a crucial time for enterprises as the incoming administration promises deregulation across numerous sectors including financial services, energy, the environment and transportation. Our intensive due diligence with Abstract’s customers highlighted benefits, including significant time savings, improved risk management, and increased ability to capitalize on policy-driven opportunities. It is clear that this is the right solution at the right time.”
– Tom Glocer, Co-Founder and General Partner, Communitas Capital
“The Abstract team is incredibly impressive. Pat has spent a significant amount of time studying the problem and interviewing stakeholders across the board. Not only does he possess exceptional commercial sense, landing notable large enterprise customers through a founder-led sales motion alone, but he — as well as the team he’s built around him — are all technical rockstars, as vetted by their professors and advisers at Loyola Marymount University. We have thoroughly enjoyed getting to know Pat and the team during our diligence process, and we could not be more excited to partner with them.”
– Parker Odrich, vice president at Communitas Capital
