Company:Clever Compliance

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Short description: Swedish RegTech company


Clever Compliance (legally, Clever Compliance AB) is a Swedish RegTech company that specialises in the development of web-based software for managing regulatory processes within the global product compliance industry. According to recent GRC Tool market’ research studies [1][2][3], the company is one of the major players in the global regulatory compliance market for 2022.

Clever Compliance is headquartered in Stockholm, Sweden,[4] and has a B2B business model. The company serves clients locally and globally through its website. It offers digital software for regulatory compliance management and global services in product approval. Clever Compliance partners with several European test centers and consulting firms for product certification. Namely, KIWA Estonia, the Swedish Institute for Quality (SIQ) and AFRY. Through its partners, the company assists its clients in receiving reliable product testing and certification services.

History

Clever Compliance was founded by Tobias Rydell and Max Strålin in September 2016 under the name of CE Check (legally, CECHECK AB).[5] At the beginning of its existence, the company was established only as a CE marking SaaS business.[6] However, in 2019, the company's management decided to radically change the business model in order to extend the scope, drive long-term growth and improve stakeholder returns. As a result, CE Check was rebranded as Clever Compliance. The business transformation was started in the late autumn of 2019 and was officially completed in September 2020.

CE Check (2016 - 2019)

In 2016, CE Check is a finalist in Venture Cup Sweden due to having a creative business idea that can bring long-term sustainable growth and has verified demand from customers.[7]

In 2017, CE Check became a LegalTech finalist for the Swedish Legal Innovation Awards and was rewarded with the purpose of acknowledging contributions to modernising the legal business.[8] By the end of 2017, the company received a SEK 2 million grant in total from Vinnova and Almi Företagspartner.[9]

In May 2018, the company was accepted into the STING incubator[10] together with four other promissing Swedish companies.[11] In September, CE Check participated in the LEAP coach program of Business Sweden to get in-depth knowledge on how to successfully internationalise its business to foreign markets. In 2018, CE Check also joined the AI incubation program of Tieto and was awarded the Great User Experience award and the Rising Star award by FinancesOnline, an independent review platform for B2B software solutions.

In May 2019, CE Check joined the TINC Spring 2019 accelerator program.[12] The latter took place in Silicon Valley, United States, and the company's participation was partly funded by Vinnova.[13] In August, the company received a SEK1.3 million grant from Vinnova to develop a block chain technology for CE marking.[14] In the same year, CE Check also started a collaboration with Merxona Consulting AB to provide regulatory expertise and services to members of the virtual MC incubator™.

Clever Compliance (2020 - 2021)

In 2020, Clever Compliance received a SEK3.1 million grant from angel investors and Almi Företagspartner. In September of the same year, Max Strålin took over the CEO position from the founder, Tobias Rydell.

In May 2021, Clever Compliance established its first subsidiary in Sweden under the name of Clever Representative to provide e-commerce and businesses outside the European Union with EU representation.

Software

Clever Compliance AB offers regulatory compliance management software that improves compliance processes within an organisation. The software helps firms automate tasks associated with the creation, collection, management and monitoring of product compliance and supplier compliance information. With the software tool, businesses can also see a decrease in their compliance costs and time-to-market.[15]

References

  1. ↑ "GRC Tool Market Trends to Keep an Eye On in 2022 | Drata, CertsOnline, FinaMetrica" (in en-US). https://www.mainlander.nz/2021/12/20/grc-tool-market-trends-to-keep-an-eye-on-in-2022-drata-certsonline-finametrica/. 
  2. ↑ "GRC Tool Market Analysis Report by Product Type, Industry Application and Future Technology 2026" (in english). 2021-12-21. https://www.groundalerts.com/grc-tool-market-analysis-report-by-product-type-industry-application-and-future-technology-2026. 
  3. ↑ "Global GRC Tool Market 2021 by Company, Regions, Type and Application, Forecast to 2026" (in en-us). https://www.marketstudyreport.com/reports/global-grc-tool-market-2021-by-company-regions-type-and-application-forecast-to-2026. 
  4. ↑ "Clever Compliance AB - Företagsinformation". https://www.allabolag.se/5590776935/clever-compliance-ab. 
  5. ↑ "Clever Compliance AB - Varumärken". https://www.allabolag.se/5590776935/varumarke/ce-check/3451468. 
  6. ↑ "Alla nya lagar skapar jättemarknad – regtech är glödhett" (in sv). https://computersweden.idg.se/2.2683/1.716285/regtech-skapar-jattemarknad. 
  7. ↑ "8 nya idéer som visar att det inte alls var bättre förr!" (in en). https://newsroom.notified.com/venture-cup-2/posts/pressreleases/8-nya-ideer-som-visar-att-det-inte-alls-var-b. 
  8. ↑ "Swedish Legal Innovation Awards 2017" (in sv). https://www.legaltech.se/innovation-365430.html. 
  9. ↑ "CE Check" (in en-US). https://www.legalgeek.co/startup-map/ce-check/. 
  10. ↑ Novac, Dragos. "CE Check was accepted into STING Incubate" (in en). https://nordic9.com/news/ce-check-was-accepted-into-sting-incubate-news0258219095/. 
  11. ↑ Suni, Annakaisa (2017-02-08). "De tar plats i Stings inkubator" (in sv). https://www.di.se/digital/de-tar-plats-i-stings-inkubator/. 
  12. ↑ "TINC Spring 2019 - Accelerating in Silicon Valley" (in en-US). https://www.nordicinnovationhouse.com/siliconvalley/sv-insights/accelerating-in-sv-tinc-spring-2019. 
  13. ↑ "CE Check - Disrupting the certification industry | Vinnova" (in sv). https://www.vinnova.se/p/ce-check---disrupting-the-certification-industry/. 
  14. ↑ "Blockkedja för CE-märkning | Vinnova" (in sv). https://www.vinnova.se/p/blockkedja-for-ce-markning/. 
  15. ↑ Adzo, Kossi. "Corona Forces Companies to Become More Digital" (in en-US). https://startup.info/tobias-rydell-clever-compliance/. 


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