Norm Ai raises $27 million in Series A funding round

Standard Aia New York-based provider of an AI-powered regulatory compliance platform, has raised $27 million in Series A funding.

The round was led by Coatue, with participation from Bain Capital Ventures, Blackstone, New York Life Ventures, Citi Ventures, TIAA Ventures, and former Blackstone President Tony James. In the last 11 months, Norm has raised more than $38 million. Sri Viswanath, General Partner at Coatue and former CTO of Atlassian, will join Norm’s board.

With this capital, the company will continue to build out its platform and grow its customer base. Norm is hiring for roles in software development, AI development, legal development, sales, and more.

Led by John Nay, Founder and CEO, Norm has developed an AI platform for turning regulations into computer code. The team of AI engineers and legal experts developed a proprietary language to represent government regulations and corporate policies as decision trees that become executable computer programs by leveraging powerful large-scale language models. These programs, called Regulatory AI Agents, automate compliance analyses to make them more efficient, comprehensive, and accurate. Norm’s approach also lays the groundwork for deeper integration of AI into enterprises by ensuring that AI-driven actions and content from generative systems comply with regulations through a Regulatory AI Agent overlay.

Fortune 100 companies use Norm Ai for critical regulatory assessments.

FinSMEs

25.06.2024