Norm Ai has raised $27 million in a Series A funding round to expand its artificial intelligence (AI)-powered regulatory compliance platform.
With this new capital, the company will continue to expand its platform and grow its client base, Norm Ai said in a Tuesday (June 25) press release.
“I’ve been conducting research at the intersection of AI and law for more than a decade,” John Nay, founder and CEO of Norm Ai, said in the release. “We are now at an inflection point in AI capabilities that, when properly harnessed, unlock massive improvements in regulatory compliance workflows across the economy.”
The company’s AI platform converts regulations into computer code and creates computer programs called Regulatory AI Agents that automate compliance analyses, making them more efficient, comprehensive and accurate, according to the press release.
This approach also makes it possible to integrate AI more deeply into businesses by providing a Regulatory AI Agent overlay that ensures AI-driven actions and generative AI content adhere to policies, the release said.
With these capabilities, Norm Ai helps companies accelerate their publication of highly regulated content, self-serve initial rounds of regulatory compliance reviews, and evaluate and finalize content in minutes rather than days, per the release.
Sri Viswanath, general partner at Coatue, which led the funding round, said in the release that Norm Ai aims to grow into “a transformational AI company.”
“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,” Viswanath said.
AI has emerged as a tool to address the challenges of different regulatory landscapes, offering solutions that enhance efficiency, accuracy and effectiveness in compliance management, PYMNTS reported June 13.
This technology can step in to replace traditional methods of compliance management that often fall short due to their reliance on manual processes and retrospective analysis.
In an earlier development in this space, Archer, a provider of risk management solutions, acquired Compliance.ai, a supplier of AI-driven regulatory change management solutions, in February.
Archer said at the time that the acquisition would empower its clients with AI technology to automate monitoring, tracking, reporting and responding to evolving regulations in real time.
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