Sedric AI has raised $18.5 million in a Series A funding round to continue developing and promoting its artificial intelligence (AI)-powered compliance platform for financial institutions.
The company will use the new funding to grow its AI lab in Tel Aviv and to expand its global go-to-market teams, according to a Thursday (Sept. 5) press release.
“For financial institutions, compliance and growth can be seen as two competing priorities,” Nir Laznik, co-founder and CEO of Sedric, said in the release. “With our compliance LLM [large language model], we turn risk into a growth opportunity. Enterprises now have an opportunity to implement a proven, bank-ready solution that is successfully operational and already widely adopted across the financial services industry.”
Sedric’s platform helps financial institutions meet the expectations of regulators at a time when there is growing attention being paid to generative AI, the opportunity it presents for financial institutions to expand their product offerings, and the potential compliance risk that comes with this and other new tech, according to the release.
The platform helps compliance officers gain a holistic view of their customer touchpoints across multiple channels, flag deviations from their compliance policies and guidelines, and quickly take corrective actions, the release said.
Sedric has a growing base of customers in the United States and Europe and has increased its revenue fivefold over the last 12 months, per the release.
The company’s latest funding round was led by Foundation Capital.
Charles Moldow, general partner at Foundation Capital, said in the release that Laznik, Sedric Co-founder and Chief Technology Officer Eyal Peleg and the Sedric team have developed “a forward-looking solution that is 100 times more effective, faster and efficient compared to traditional methods.”
In another recent development in the compliance space, Norm Ai said in June that it raised $27 million in a Series A funding round to expand its AI-powered regulatory compliance platform for businesses.
“We are now at an inflection point in AI capabilities that, when properly harnessed, unlock massive improvements in regulatory compliance workflows across the economy,” Norm Ai Founder and CEO John Nay said at the time in a press release.
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