Myriad AI, a US-based startup with Czech roots, has secured $2 million in a pre-seed funding round. The investors include Nation 1, alongside BD Partners, Plug and Play Tech Center, and Preston-Werner VC, according to the Recursive.
About Myriad AI
- 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.
Investment details
The investment was led by by Nation 1, a Prague-based venture capital firm focused on investing in seed-stage startups that operate in Czechia. In April 2023, it provided a €400,000 for a Сzech supply chain management facilitator Supply. Now, the fund has rebranded as N1, bringing in new partners, and raising capital for a second fund, aiming to make its first investment next year.
“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,”
Marek Moravec commented.
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.
This investment will help Myriad’s team to revolutionize compliance for banks and fintech companies using its AI technology.
