On June 25, 2024, the New York, USA-based AI-driven regulatory compliance platformNorm Aiannounced it had raised $27 million in Series A funding. The round was led by Coatue, with participation from Bain Capital Ventures, Blackstone Innovations Investments, New York Life Ventures, Citi Ventures, TIAA Ventures, and Jefferson River Capital.
The company plans to use the raised funds to expand its platform and grow its customer base, and plans to hire for multiple positions including software engineering, AI engineering, legal engineering, sales, and more.
Norm Ai was founded in 2023 by John Nay, who is also the company's CEO. Norm Ai has built an AI platform that converts regulations into computer code. Its team has developed a proprietary language that represents government regulations and corporate policies as decision trees, which are transformed into executable computer programs by leveraging powerful large language models. These programs are called Regulatory AI Agents and can perform automated compliance analysis, making the analysis more efficient, comprehensive, and accurate. In addition, Norm Ai's approach lays the foundation for deeper integration of AI into enterprises, ensuring that the outputs of AI-driven action and content generation systems comply with policies.
(Source:PR Newswire）