Written by Cameron Emanuel-Burns 27th June 2024
New York-headquartered regtech start-up Norm Ai has secured a $27 million Series A funding round to help grow its AI-powered regulatory compliance solution.
Norm Ai bags $27 million Series A funding
The round was led by US investment manager Coatue with additional support from Citi Ventures, Bain Capital Ventures, Blackstone, TIAA Ventures, New York Life Ventures, and the former president of Blackstone, Tony James.
Norm Ai aims to serve compliance teams across businesses of all sizes with its industry-first Regulatory AI Agent platform, which converts regulations into operational computer code.
The firm says its tech can “automate compliance analyses to make them more efficient, comprehensive, and accurate”, enabling companies to carry out critical regulatory assessments and producing actionable feedback across all regulatory parameters to help companies meet their compliance requirements.
The regtech claims to enable “in-the-weeds compliance users” to review and approve content against all regulatory requirements “in minutes, not days”.
The new cash injection, which brings the total raised by Norm Ai over the past 11 months to $38 million, will be utilised to continue the development of its AI-driven offering and expand its client base.
Additionally, Norm Ai says that some of the funds will be used to hire for roles across AI engineering, legal engineering, software engineering, sales, and more.
John Nay, founder and CEO of Norm Ai, says the finance sector is at an “inflection point in AI capabilities that, when properly harnessed, unlock massive improvements in regulatory compliance workflows across the economy”.
Source : fintechfutures.com
