Launched in 2022, Fundvis focuses on process automation in the fund industry. But the true differentiator, says Luxembourg-German entrepreneur and CEO Leonhard Kossmann, was when Fundvis pivoted to agentic AI.
A chain of algorithms for task automation, agentic AI came to Fundvis at the right moment. “We saw a multitude in how we could solve a lot of problems with the same application,” explains Kossmann, who co-founded Fundvis at the age of 26.
Kossmann compares agentic AI to a Swiss Army knife: if previously one solution required a hammer, another a screwdriver etc., “with agentic AI, depending on what the aspect is, you just take another of the tool set, modify it, and customise. You can train these submodels with way less data than needed to train, for example, LLMs [Large Language Models].”
Fundvis uses agentic AI to automate repetitive governance, risk and compliance processes—and with increasing regulation, everything from NIS2 to DORA, the market is growing. Globally, the compliance management software market is currently valued around €35 billion, expected to increase to over $56 billion by 2030.
Fundvis’ last fundraising in 2024 was to the tune of €470,000, and another €2 million round is set to launch before the end of the year. The company aims to expand deeper within Europe, and Kossmann sees Luxembourg as providing a critical competitive edge.
“Autonomy we can sell”
Operating on a B2B basis, Fundvis’ best-selling product is its oversight module, which manages all delegates’ interactions on a single platform, enhancing transparency and providing data-driven oversight, even automated alerts. The company’s revenue model is based upon how many are overseeing the platform, with different packages provided on a monthly, licence-fee basis.
With rising pressure on reporting and compliance, Kossmann notes that though some companies do “a bit of everything, there are few companies that are very specific. That’s our target: to be very specific on oversight.”
Competitors in this compliance oversight space include companies like Formalize, serving over 80 countries, and Vanta, which recently announced a $150m fundraise.
But Kossmann sees clear advantages to being based in the grand duchy. He notes that Fundvis, which runs on the Post Group cloud, is also aiming to run its models on Meluxina. “The fund, finance industry in Luxembourg is so specific. People like to see someone who knows the market, has similar clients already, been through the whole [compliance] struggle already.”
There are also geopolitical considerations companies might be facing when making their decisions, Kossmann adds: “There’s a sort of autonomy we can sell, rather than if you’re a client of an American company that’s processing and storing all your data in the U.S.”
Entrepreneur friendly?
Fundvis has raised investment from Luxembourgish, Swiss, and Italian family offices. Kossmann refers to members of his advisory board—comprised of Bob Kneip (Kneip); independent director, Alessia Lorenti; Olivier Renault (Kantara Advisory) and Martin Vogel (Waystone)—as instrumental in helping to shape the vision of Fundvis.
Kossmann overall sees Luxembourg as being “super entrepreneur friendly”, for instance, in the possibilities for startups to connect, both with decision-makers and each other, and to take advantage of programmes such as Fit4Start and Catapult: Kickstarter (Fundvis was among the winners for both of these programmes in 2022).
Nevertheless, even with Luxembourg being the second largest investment fund centre in the world, Kossmann says local companies can sometimes be reluctant to trust startups. “I kind of get it. If you’re a big bank, you don’t want a significant regulatory process which is bound on the performance of a startup—even if it can be good,” Kossmann says. “If you’re a startup, and you’re using AI, this can raise some red flags [for compliance teams] from the start, which makes it harder to just land operations.”
Read more articles:
Luxembourg: Autonomous Mobility Testbed
