Sedric’s AI 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 expand its AI lab in Tel Aviv and to expand its global go-to-market teams, according to a statement released Thursday (Sept. 5). press release.
“For financial institutions, compliance and growth can be seen as two competing priorities,” Nir LaznikSedric co-founder and CEO, said in the release. “With our compliance LLM (Large Language Model), we are transforming risk into growth opportunity. Companies now have the opportunity to implement a proven, bank-ready solution that is successfully operational and already widely adopted in the financial services industry.”
Sedric’s platform helps financial institutions meet regulators’ expectations at a time when there is increasing focus on 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 technologies, the release said.
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 take rapid corrective action, the statement said.
Sedric has a growing customer base in the United States and Europe and has increased its revenue fivefold over the past 12 months, the statement said.
The company’s latest funding round was led by Foundation Capital.
Charles MoldowLaznik, co-founder and chief technology officer of Sedric, said in the statement Eyal Peleg and the Sedric team have developed “a future solution 100 times more effective, faster and more efficient than traditional methods”.
In another recent development in the compliance field, Ai Standard said in June that it had raised $27 million in a Series A funding round to expand its AI-powered product line. Regulatory compliance platform for businesses.
“We are now at an inflection point in AI capabilities that, when properly leveraged, can dramatically improve regulatory compliance workflows across the economy,” said Norm Ai, Founder and CEO. John Nay said in a press release at the time.
