Highlights:
- Slice asserts its distinction as the world’s first startup to utilize large language models to address the challenges of equity compliance.
- As per the company, they offer the necessary tools for companies to distribute and oversee equity for international employees in a compliant manner.
The global equity management startup Slice Global Ltd. is set for expansion after securing USD 7 million in seed funding led by TLV Partners.
In addition to several unidentified angel investors, R-Squared Ventures, Jibe Ventures, and the international law firms Wilson Sonsini Goodrich and Rosati LLP and Fenwick and West LLP all participated in the current funding round.
As part of their compensation contracts, many companies offer equity to their most talented employees, according to the startup. However, in the current global job market, this can be problematic. Companies that issue equity to employees worldwide must navigate constantly shifting tax laws and regulations that vary from country to country; doing so exposes them to a substantial risk of incurring financial penalties and noncompliance. However, failure to resolve these challenges will hinder their ability to attract the necessary talent for business expansion.
Slice asserts its ability to assist in this aspect, offering the necessary tools for companies to distribute and oversee equity for international employees in a compliant manner. The platform aids in navigating the ever-changing tax codes and regulations across jurisdictions, utilizing generative artificial intelligence. This ensures full compliance and tax optimization in all global equity operations, enabling companies to maximize the advantages of their equity plans.
The co-founders of Slice possess the ideal qualifications to navigate the complex landscape of international equity and tax laws. The Legal 500 previously ranked Chief Executive Maor Levran as the world’s Top Tech Attorney. Aviram Berg, the organization’s Chief Technology Officer, is an accomplished engineer and data scientist with prior experience leading the data management startup Dataloop Ltd. Chief Product Officer Yoel Amir, the organization’s third co-founder, is a seasoned AI product management executive with prior experience at Google LLC and Salesforce Inc.
Slice asserts that it is the world’s first startup to tackle the issue of equity compliance with large language models. Its platform employs algorithms that have been programmed to recognize and implement the country-specific tax codes and regulations governing equity awards. It encompasses all forms of employee stock options and operates by actively monitoring, analyzing, and implementing any modifications to these regulations in multiple countries. According to the company, by utilizing Slice, organizations can have confidence that any equity distributed to their staff will be executed in a lawful and compliant manner, thereby eliminating the potential for financial penalties.
Levran, a corporate lawyer for over 13 years, claimed to have firsthand knowledge of the challenges businesses encounter when providing worldwide equity to their foreign workers. He said, “I recognized the almost impossible task they faced of understanding and applying the complex and constantly changing law and tax regulations in various countries, and know of individual fines reaching well over $200,000 due to mistakes being made.”
Serving as a safeguard against such fines, Slice can be likened to a co-pilot for Chief Financial Officers, according to Levran. He highlighted its capability to efficiently manage months of intricate tasks, typically outsourced to local lawyers and tax advisors, within a matter of minutes. He added, “This equates to a substantial saving on time and costs, and also helps avoid distress employees may experience over potential penalties.”
If any alterations occur in the laws or regulations affecting an employee’s equity, the platform will proactively send actionable alerts to both the employee and their employer. This allows them to address how to maintain compliance collaboratively. Currently, the platform covers 23 countries, including the U.S., the U.K., France, India, Australia, the Netherlands, Switzerland, Japan, and Brazil, with plans for continuous expansion. The startup aims to scale to over 100 countries by the end of the year.
For over three decades, Fenwick and West Partner Shawn Lampron has dedicated his expertise to collaborating on compensation and benefits programs with multinational corporations. “Seeing Slice’s international compliance capabilities in action was thrilling. Slice simplifies the massive complexities associated with global compensation, automating an ever-changing process where the stakes for making a mistake are so high,” he said.
The funds secured in this funding round will fuel Slice’s efforts to expand its platform for enhanced equity compliance across various legal jurisdictions. In tandem, the company will roll out its go-to-market strategies in the U.S. and Europe, fostering increased adoption of its platform.