Founded by Jan Špidlen who has previous worked at Google, Nvidia and Airbnb, Myriad AI aims to transform compliance by revolutionizing access to regulations. Their platform provides insights, with the objective to speed up decisions and improve business outcomes.
Myriad establishes a sales and marketing center in the U.S. while maintaining its technological base in Prague. Špidlen is now recruiting Prague-based programmers and IT specialists to develop Myriad’s software prototype into a full-fledged service.
The investment was led by by N1, a Prague-based venture capital firm focused on investing in seed-stage startups that operate in Czechia.
“This year confirmed our belief that our strategy is correct. The companies we invested in through N1 are performing very well, and we intend to close approximately four more investments by the end of the year. Throughout the fund’s existence, we have managed to invest approximately 600 million crowns. This progress has led to the establishment of our second fund and the appointment of two existing colleagues as new partners, who will be strong reinforcements for our team in the long term,” said Marek Moravec, Partner of N1.
The Prague-based investment company BD Partners, Plug and Play Tech Center, an American venture capital firm headquartered in Sunnyvale, and Preston-Werner VC, led by Tom Preston-Werner (GitHub co-founder), investing in early-stage technology companies, also participated in the round.
“Alongside the raise, we’re also announcing our advisory board. An incredible group of leaders from the U.S. Treasury, the Federal Reserve, GE Capital, UBS, Coface, and more. Their guidance will be invaluable as we scale. For me, this moment is deeply personal. I grew up surrounded by law and regulation, and I saw firsthand how compliance work was overwhelming, manual, and often stifled innovation. For years, automation wasn’t possible, the technology just wasn’t ready” wrote Ralf Schonherr in his Linkedin post.
This investment will help Myriad’s team to revolutionize compliance for banks and fintech companies using its AI technology.
