Former Federal Reserve governor Randall Kroszner is among a group of investors in a start-up US fintech company that has raised $6m to apply artificial intelligence to markets compliance.

The first round of funding by Ascent Technologies, based in Chicago, on Thursday highlights interest among investors to use machine learning to reshape the trading industry.

Other investors include David Lehmann, a former head of electronic execution services at Knight Capital; James Gray, the former co-founder and chairman of optionsXpress Holdings and head of G-Bar, a proprietary trader; Steve Kaplan from the University of Chicago and Alsop Louie and Temerity Capital Partners, two venture capital groups.

Young companies such as Ascent, Droit Technologies and RegTek are eager to capitalise on growing interest from markets and regulators in applying cutting-edge technology such as automation and natural language processing to achieve compliance.

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