Amerian Express Ventures has joined an $18 million funding round from Sedric AI, a startup developing a specialized compliance large language (LLM) model for financial services.
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The latest round of funding, led by Foundation Capital and additional participation from existing investors including StageOne Ventures and The Garage, brings the total amount the company has raised to date to $22 million.
The company says the funds will be used to expand its AI lab in Tel Aviv and expand its global go-to-market teams.
Sedric’s LLM provides compliance officers with a holistic view of their customer touchpoints across multiple channels to identify deviations from their established compliance policies and guidelines.
Although Sedric starts with vertically specific, battle-tested models, it is a learning system. Its models are tailored to a company’s unique needs, automating policy enforcement, mitigating non-conformities, and streamlining audits.
Nir Laznik, co-founder and CEO of Sedric, says the company has grown its revenue fivefold in the last 12 months thanks to a growing customer base in the US and Europe, including global lenders, banks, trading platforms and insurers.
“For financial institutions, compliance and growth can be viewed as two competing priorities,” he continues. “With our Compliance LLM, we transform risks into a growth opportunity. Companies now have the opportunity to implement a proven, bank-ready solution that has been successfully deployed and is already widely used throughout the financial services industry.”