Coris, a Palo Alto, California-based fintech startup that provides an AI-powered risk management platform, raised $3.7 million in seed funding.
SaaS Investors
The round was co-led by Lux Capital and Exponent Capital, with participation from Y Combinator, Blank Ventures, and several veteran fintech founders.
Founded in 2000, Lux Capital is a venture capital firm based in New York, New York. The firm seeks to invest in early-stage and later-stage companies.
Exponent Founders Capital is a venture capital firm based in Old Bridge, New Jersey. The firm invests across vertical AI, fintech and payments, infrastructure, security, app software, vertical software, and more to transform the experience for the end customer across the US, Europe, and Canada.
Coris Use of Funds
The company intends to utilize the funding to scale its AI-powered risk management platform. The funds will be specifically allocated to accelerate the deployment of its innovative offerings, notably CorShield, a fraud prevention model for small and medium-sized businesses (SMBs), and a comprehensive business verification product.
About Coris
Coris is a modern risk infrastructure for vertical Software-as-a-Service companies and payment processors. Coris aims to revolutionize the traditional, labor-intensive processes of SMB risk assessment by leveraging large language models to synthesize fragmented, unstructured data. Its AI-driven platform offers a strategic reimagining of risk management, providing a suite of tools that streamline onboarding, automate risk assessments, and mitigate fraud for SMBs. At Coris, its mission is to help Vertical SaaS companies, Fintechs, and Payment processors better serve small businesses whether it be for payments, banking, payroll, or insurance.
Funding Details
Company: Coris, Inc.
Raised: $3.7M
Round: Seed Round
Funding Month: February 2024
Lead Investors: Lux Capital and Exponent Capital
Additional Investors: Y Combinator, Blank Ventures
Company Website: https://www.coris.ai/
Software Category: AI Risk Management
Source: https://venturebeat.com/ai/coris-raises-3-7m-sets-sights-on-ai-driven-paradigm-shift-in-smb-risk-management/