Norm Ai, a NYC-based provider of an AI-powered regulatory compliance platform, raised $27m in Series A funding.
The round was led by Coatue, with participation from Bain Capital Ventures, Blackstone, New York Life Ventures, Citi Ventures, TIAA Ventures, and the former President of Blackstone, Tony James. Over the past 11 months, Norm has raised more than $38m. Sri Viswanath, General Partner at Coatue and former CTO of Atlassian, will join Norm’s board.
With this capital, the company will continue to expand its platform and grow its client base. Norm is hiring for roles across software engineering, AI engineering, legal engineering, sales, and more.
Led by John Nay, Founder and CEO, Norm has built an AI platform for converting regulations into computer code. The team of AI engineers and legal experts developed a proprietary language to represent government regulations and corporate policies as decision trees that become executable computer programs by leveraging powerful large language models. These programs, called Regulatory AI Agents, automate compliance analyses to make them more efficient, comprehensive, and accurate. The Norm approach also sets the foundation for integrating AI more deeply into businesses by ensuring that AI-driven actions and content from generative systems adhere to policies through a Regulatory AI agent overlay.
Fortune 100 companies deploy Norm Ai for critical regulatory assessments.
FinSMEs
25/06/2024