Norm Ai, a US RegTech that has built an AI platform for converting regulations into computer code, has raised $27 million in Series A funding from a host of financial institutions.
The funding 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. Over the past 11 months, Norm has raised more than $38 million to fund its growth and boost recruitment across software engineering, AI engineering, legal engineering, and sales.
The company has developed a proprietary language to represent government regulations and corporate policies as decision trees that become executable computer programs through the use of large language models. These programs, called Regulatory AI Agents, automate compliance analyses to make them more efficient, comprehensive, and accurate. The firm says the technology enables compliance professionals to evaluate and finalise content against regulatory requirements in minutes, not days.
John Nay, Founder and CEO of Norm Ai, says: "I've been conducting research at the intersection of AI and law for more than a decade. We are now at an inflection point in AI capabilities that, when properly harnessed, unlock massive improvements in regulatory compliance workflows across the economy."