Excerpt from Pymnts Article, Published on Sep 08, 2024.
Sedric, a developer of AI-powered compliance solutions for financial institutions, has secured $18.5 million in a Series A funding round. The company plans to use the investment to expand its AI lab in Tel Aviv and grow its global go-to-market teams.
The platform, designed to help financial institutions meet regulatory standards, provides a comprehensive view of customer interactions across various channels. It flags policy deviations, enabling compliance officers to take prompt corrective action. As generative AI continues to evolve, financial institutions face both growth opportunities and new compliance risks. “Our compliance large language model (LLM) transforms risk into a growth opportunity,” said Sedric co-founder and CEO Nir Laznik. “We’ve built a proven, bank-ready solution that’s already widely adopted in the financial services industry.”
With a growing customer base in the U.S. and Europe, Sedric has seen a fivefold increase in revenue over the past year. The funding round was led by Foundation Capital, whose general partner Charles Moldow described Sedric’s solution as “100 times more effective, faster, and efficient than traditional methods.”
Sedric’s growth mirrors broader trends in the AI-driven compliance sector. In June, Norm Ai raised $27 million to expand its own regulatory compliance platform. As financial institutions increasingly navigate the balance between innovation and regulation, platforms like Sedric are becoming vital tools in managing compliance risks. With fresh funding, Sedric aims to further establish itself as a leader in AI-powered compliance as it continues to grow globally.
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