New York-based regtech start-up Norm Ai has secured $27 million in a Series A funding round to advance its AI-powered regulatory compliance solution.
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 former Blackstone president Tony James.
Norm Ai’s mission is to assist compliance teams across businesses of all sizes with its pioneering Regulatory AI Agent platform, which translates regulations into operational computer code.
The company claims its technology can “automate compliance analyses to make them more efficient, comprehensive, and accurate,” enabling companies to perform critical regulatory assessments and generate actionable feedback across all regulatory parameters, ensuring compliance requirements are met.
The regtech asserts that its solution allows “in-the-weeds compliance users” to review and approve content against all regulatory requirements “in minutes, not days.”
This latest funding, bringing Norm Ai’s total raised over the past 11 months to $38 million, will be used to further develop its AI-driven platform and expand its client base.
Additionally, Norm Ai plans to use some of the funds to hire for various roles, including AI engineering, legal engineering, software engineering, and sales.
John Nay, founder and CEO of Norm Ai, states that 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
