LLM-powered compliance platform Sedric AI secures $18.5m Series A
New York-based regtech Sedric AI, which operates an AI-powered compliance platform, has bagged $18.5 million through a Series A funding round led by Foundation Capital.
Sedric AI raises $18.5 million Series A
The round drew participation from existing investors, including StageOne Ventures and The Garage, and was joined by Amex Ventures as a new investor.
With a total of $22 million in funding secured, Sedric says it will apply the proceeds from its latest round to develop its AI lab, situated in Tel Aviv, and “expand its global go-to-market teams”.
Founded in 2020, the Sedric platform leverages large language models (LLMs) to help financial institutions manage regulatory compliance, risk and communication monitoring.
Proving a holistic view across multiple channels and customer touchpoints, the LLMs are “customized to an organization’s unique requirements, automating policy enforcement, mitigating deviations, and streamlining audits,” Sedric states.
The start-up’s latest capital injection coincides with claims of “a growing base of customers in the US and Europe”, leading to a “fivefold” increase in revenue over the last 12 months.
“For financial institutions, compliance and growth can be seen as two competing priorities,” explains Sedric co-founder and CEO, Nir Laznik.
“With our compliance LLM, we turn risk into a growth opportunity,” continues Laznik. “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.”
