Norm Ai, a New York-based company on a mission to automate regulatory compliance, has raised $11.1 million in seed funding.
SaaS Investors
The round was led by Coatue, with participation from Haystack Ventures, M13 Ventures, Basis Set Ventures, Expa Ventures, Atypical Ventures, and AI researchers such as the founding CEO of the Allen Institute for AI.
Founded in 1999, Coatue Management is a private equity firm based in New York, New York. The firm prefers to invest through means of buyouts and growth capital in the technology, media, financial technology, climate technology, and telecommunications sectors.
Norm Ai Use of Funds
The company plans to use the funding to further develop its platform and expand its offerings. Norm Ai aims to automate regulatory compliance by converting regulations into AI agents capable of making autonomous compliance determinations.
About Norm Ai
Founded by John Nay, Norm Ai is a company that focuses on automating regulatory compliance through its regulatory AI Agent platform. The platform aims to assist Chief Compliance Officers at various companies, ranging from Fortune 100 to small businesses. The platform helps compliance teams quickly understand the legal basis for a determination and improves the efficiency and accuracy of compliance processes.
Funding Details
Company: Norm AI, Inc.
Raised: $11.1M
Round: Seed Round
Funding Month: January 2024
Lead Investors: Coatue
Additional Investors: Haystack Ventures, M13 Ventures, Basis Set Ventures, Expa Ventures, Atypical Ventures
Company Website: https://www.norm.ai/
Software Category: Regulatory Compliance
Source: https://www.prnewswire.com/news-releases/norm-ai-emerges-from-stealth-with-11-1-million-delivering-regulatory-generative-ai-to-chief-compliance-officers-302041565.html