citybiz+ Nasdaq Ventures-backed Diligend Rebrands as Dasseti

New York-based Diligend, which builds software to enable digital due diligence, has renamed itself as Dasseti, which in Latin means “to make visible.”

The startup announced the rebranding alongside the closing of a $5 million Series A round led by Nasdaq Ventures. According to Crunchbase, Dasseti has raised at least $8.3 million.

“We’ve proved to our new strategic shareholders how strong our tailored technology is, how dedicated we are to supporting our clients, and the potential that we have together,” said Dasseti founder and CEO Wissem Souissi, who previously worked at ratings agency Moody’s and eVestment, a database for institutional managers now owned by Nasdaq.

“The Dasseti team has created a comprehensive platform that reduces operational risk for investors while making the due diligence process more efficient and scalable,” said Gary Offner, senior vice president and head of Nasdaq Ventures.

Tech Platforms

Dasseti has offices in London and Dubai. Its clients include some of the world’s largest asset owners, consultants and managers, who manage assets of over $20 trillion. The company has built two key platforms that use natural language processing, AI and advanced automation to streamline processes and provide insights.

One called Collect is for asset allocators and consultants; and another called Respond is designed for asset managers. Dasseti says new use cases are emerging for Collect’s use in private markets, notably around ESG and diversity, equity and inclusion, or DEI, data. The platform allows research and due diligence teams to analyze large quantities of custom data and draw insights to help in risk management, drive investment decision making and support regulatory compliance.

Respond automates the DDQ and RFP process, reducing time and risk. It also has tight integration with popular software applications such as Outlook, Word and Excel. Dasseti hopes to tap into Nasdaq’s clients, offering unprecedented workflow efficiency through a deeper product integration with Nasdaq eVestment.

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Nasdaq Ventures, founded in 2017, has a simple goal for its portfolio investments: Each investment should have a strategic nexus with at least one Nasdaq business unit. In line with that goal, Nasdaq Ventures has made 21 portfolio investments and exited two. Its recent investments include: InterPrice Technologies, Finextra, BMLL Technologies, Chronograph, Dealpath, Amberdata, Digital Reasoning; Stratumn, XM Cyber and CueBiq. Nasdaq’s venture arm, headed by former Morgan Stanley executive Gary Offner, invests between $1 million and $10 million to take minority stakes in fintech ventures.

Offner, who joined Nasdaq in 2017, also serves as chairman of the Private Markets – a joint venture between Nasdaq, Silicon Valley Bank, Citibank, Goldman Sachs and Morgan Stanley — to modernize the private shares market.