TRST Score to raise funds to help firms mitigate human risk
City-based tech start-up TRST Score is planning to raise $5 million to grow its business exponentially and also to help companies to mitigate human risk.
“Recently, we raised ₹2 crore in seed-funding from seven angel investors to prove our proof of concept,” said Sudhakar Raja, founder and CEO.
“In the next round we are planning to raise $5 million to grow the business exponentially and capture over 300 million addressable market in India,” he said. “With this funding, we will be able to expand further, onboard more clients, and upgrade our AI and natural language processing systems,” Mr. Raja added.
TRST Score helps to understand the 360-degree risk of dealing with a human, be it as an employee, agent, gig worker, student or even as a customer, by asking companies to store data within its secure privacy protected TRST Score Vault.
The focus is to create a community that will assist in reducing company costs and losses caused due to human trust deficiency. It could be moonlighting, fraud, accepting offer letters and not joining, absconding, and many such issues related to employees, the company said in a statement.
According to Mr. Raja, TRST Score aims to solve a human trust issue that is costing companies an estimated loss of more than ₹10 lakh crore in India alone.
Statistics showed that 30% of companies went bankrupt due to human risk in the U.S. and this is estimated to be the same in India as well, he said.
The advisory board consists of Satish Mehta, former founding MD & CEO of CIBIL, Srinivas Acharya, former MD of Sundaram Home Finance, and Ashok Kalyanswamy, former CIO of Saxo Bank among others.
Asserting that this platform would reduce bankruptcies and hardships of companies, he said that TRST Score would be able to hire verified ethical and hard-working employees, reduced HR and hiring costs, and helping companies build a long-term workforce and excel due to this able workforce.