Norm Ai, a pioneering company in the RegTech industry, has successfully closed a substantial seed funding round.
The company announced it has raised $11.1m in a seed funding round, which was led by Coatue, with valuable contributions from a consortium of investors including Haystack Ventures, M13 Ventures, Basis Set Ventures, Expa Ventures, Atypical Ventures. The round also saw participation from esteemed AI researchers, notably the founding CEO of the Allen Institute for AI.
Norm Ai, based in New York City, is dedicated to alleviating the burdens of regulatory compliance. It achieves this by transforming cumbersome regulations into AI agents capable of making autonomous compliance decisions. This innovative approach allows compliance teams to give high-level instructions and get detailed, reliable work products in return, significantly reducing the time and resources traditionally required for compliance tasks.
The company plans to use the new funds to further refine its Regulatory AI Agent platform. The platform’s goal is to automate the process of regulatory compliance, making it more efficient and less prone to human error. This is especially crucial as businesses today are subject to an ever-growing body of regulations, making compliance a significant challenge.
The team behind Norm Ai, consisting of skilled AI engineers and legal experts, boasts a rich background in both technology and law. Founder John Nay, who also serves as the CEO, brings over a decade of experience in the intersection of AI and law. His work, notably at Stanford and as the founding CEO of Brooklyn Investment Group, has been instrumental in shaping the company’s innovative approach.
Norm Ai CEO John Nay said, “It has become almost humanly impossible for compliance teams to keep up with regulations in a time-sensitive and cost-effective way. Norm Ai agents serve as a round of context-aware compliance checks that pinpoint what may be problematic with what regulation, enabling compliance teams to quickly understand the legal basis for a determination. Businesses can move faster, do more, and be more compliant, all at the same time.”
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