Sedric AI, a New York-based compliance-focused AI platform for financial institutions, has closed an $18.5 million Series A funding round.
Investors
The round was led by Foundation Capital, with participation from Amex Ventures, bringing Sedric's total funding to $22 million.
Foundation Capital is an early-stage venture capital firm established in 1995, focused on investments across various sectors, including enterprise, fintech, consumer, and crypto. With over $5 billion in assets under management, the firm has seen over 33 of its investments go public through IPOs or ICOs and has been involved in over 80 acquisitions.
Sedric AI Use of Funds
The company will use the funding to grow its AI lab in Tel Aviv and expand its global go-to-market teams.
About Sedric AI
Founded by Nir Laznik and Eyal Peleg in 2020, Sedric AI provides an AI-powered compliance platform specifically designed for the financial services industry. The platform offers real-time monitoring and policy enforcement to help financial institutions manage compliance risks across various customer interactions, such as calls, emails, chats, and social media. Sedric empowers compliance officers with a holistic view of their customer touchpoints across multiple channels, enabling them to flag deviations from established compliance policies and guidelines. The platform is already used by global lenders, banks, trading platforms, and insurers in the U.S. and Europe.
Funding Details
Company: Sedric AI
Raised: $18.5M
Round: Series A
Funding Date: September 2024
Lead Investor: Foundation Capital
Additional Investors: Amex Ventures
Company Website: https://www.sedric.ai/
Software Category: Compliance Management
Source: https://www.prnewswire.com/news-releases/sedric-ai-raises-18-5-million-series-a-to-empower-financial-institutions-with-an-ai-based-compliance-platform-302238666.html