Norm Ai, an emerging leader in the RegTech arena, has successfully completed a significant Series A fundraising initiative, amassing $27m.
This funding round was led by Coatue, a notable player in the investment field, with contributions from several prestigious firms including Bain Capital Ventures, Blackstone Innovations Investments, New York Life Ventures, Citi Ventures, TIAA Ventures, and Jefferson River Capital.
Norm Ai is pioneering a cutting-edge platform that translates regulatory requirements into executable computer code. By developing a unique language that converts regulations and corporate policies into decision trees, these trees can be transformed into functioning programs by leveraging advanced large language models. These programs, known as Regulatory AI Agents, are designed to automate and streamline compliance analysis, making it more efficient, thorough, and accurate.
The company plans to use the new capital to further develop its innovative platform and expand its client base.
In addition to expanding its technological capabilities, Norm Ai aims to grow its team across various departments including software engineering, AI engineering, legal engineering, and sales.
John Nay, Founder and CEO of Norm Ai, shared his vision, “I’ve been conducting research at the intersection of AI and law for more than a decade. We are now at an inflection point in AI capabilities that, when properly harnessed, unlock massive improvements in regulatory compliance workflows across the economy. To have the Series A backing of such notable institutions is a testament to Norm Ai’s leadership in Regulatory AI.”
Further expressing their confidence in Norm Ai, Sri Viswanath, General Partner at Coatue, stated, “Coatue continues to be impressed by Norm’s vision to deliver a comprehensive regulatory AI platform and we are excited by the array of compliance workflows they are already able to support. We are thrilled to double down on Norm as they seek to grow into a transformational AI company, and I look forward to supporting John and his team on their next steps.”
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