Amerian Express Ventures has joined an $18 million funding round in Sedric AI, a startup developing a dedicated compliance large language model (LLM) for financial services.
The latest funding round, led by Foundation Capital with additional participation from existing investors including StageOne Ventures and The Garage, brings the total amount raised by the company to date to $22 million.
The firm says the funds will be used to grow its AI lab in Tel Aviv and expand its global go-to-market teams.
Sedric's LLM provides compliance officers with a holistic view of their customer touchpoints across multiple channels to flag deviations from their established compliance policies and guidelines.
While starting with vertical-specific battle-tested models, Sedric is a learning system. Its models are customized to an organization’s unique requirements, automating policy enforcement, mitigating deviations, and streamlining audits.
Nir Laznik, co-founder and CEO of Sedric, says the company has increased revenue five-fold over the last 12 months thanks to a growing base of customers in the US and Europe, including global lenders, banks, trading platforms, and insurers.
“For financial institutions, compliance and growth can be seen as two competing priorities," he continues. “With our compliance LLM, 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.”