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On Mon, 29 Jul, 4:04 PM UTC
4 Sources
[1]
Aveni Raises $14 Million to Bring AI to Financial Services
The company announced its Series A on Monday (July 29), saying it would use the funding to build on its efforts to create artificial intelligence (AI) products and large language models (LLMs) specifically for the financial services industry. "The financial services industry does not need AI models that can quote Shakespeare, it needs AI models that deliver transparency, trust and above all correctness," Joseph Twigg, Aveni's CEO, said in a news release. "The way to achieve this is to develop small, highly tuned language models, trained on financial services data, reviewed by financial services experts for specific financial services use cases." According to the release, the new financing will allow Aveni to develop FinLLM, a financial services-specific large language model, in collaboration with new investors Lloyds Banking Group and Nationwide. The funding comes at a time when the financial services sector has shown some reluctance to embrace AI. A report last month by the Financial Times (FT) said that concerns about regulations and job losses have prevented banks from adopting AI products. "The big banks will definitely not adopt [the technology] as quickly as any of the FinTech," said Tom Blomfield, co-founder of neobank Monzo and group partner at Silicon Valley startup incubator Y Combinator. He also noted that generative AI will "make banks more efficient and able to provide the same products at a cheaper cost." The report cited a study by Capgemini that said only 6% of retail banks were prepared for widespread AI implementation, as well as an estimate by McKinsey that AI could add up to $340 billion in value per year to the global banking sector. "People don't understand that it's there as a productivity tool," Nasir Zubairi, CEO of FinTech accelerator Luxembourg House of Financial Technology, told the FT. "They still genuinely believe it will take away their jobs." Meanwhile, a recent report by the U.S. House Financial Services Committee's AI Working Group spotlighted the technology's potential to expand access to credit, enhance fraud detection and improve customer service. However, the report also also warned of challenges involving data privacy, potential bias in algorithmic decision-making and the need to make sure AI systems comply with the law.
[2]
AI fintech Aveni secures £11m series A investment
A fintech has secured an £11m series A investment to grow its AI-powered products and services aimed at the financial services sector. Aveni is creating AI products and large language models (LLMs) aimed at the financial services sector. The group has seen significant growth in the past two years driven by compliance and productivity solutions Aveni Detect & Aveni Assis. It plans to use its latest funding to grow its existing product ranges and to launch an LLM aimed specifically at the financial services sector, called FinLLM. The latest funding round was led by Puma Private Equity, with participation from Lloyds Banking Group, Nationwide and existing investors Par Equity and Scottish Enterprise. FinLLM is being developed in partnership with new investors Lloyds and Nationwide. The team developing the product will be based at the Edinburgh Futures Institute. Joseph Twigg, CEO of Aveni, said: "The financial services industry does not need AI models that can quote Shakespeare, it needs AI models that deliver transparency, trust and above all correctness. The way to achieve this is to develop small, highly tuned language models, trained on financial services data, reviewed by financial services experts for specific financial services use cases. "Generative AI represents the most significant technological evolution of our generation and we're in the nascent stages of adoption. This presents a significant opportunity for Aveni and our partners. The objective with FinLLM is to set a new standard for the controlled, responsible and ethical adoption of Generative AI, outperforming all other generic models across our selected financial service use cases." Ben Leslie, investment director at Puma Private Equity commented: "The impact that Aveni has made in delivering AI solutions to the financial services sector is already significant and there is huge opportunity for growth going forwards. We're really excited to be backing Joseph, Jamie, Dr. Lexi Birch and the team as they focus on this next phase. "With Scotland's position as a prominent tech hub on the rise and with the increased regulatory burden on financial services businesses, we believe that Aveni is in a unique position to solve key challenges faced by the sector." Robin Scher, head of fintech investments, Lloyds Banking Group said: "Aveni's cutting-edge AI solutions offer a huge opportunity for the financial services industry, streamlining operations and elevating the customer experience. We are keen to support Aveni's growth as we invest in their vision to develop the FinLLM alongside partners. Our collaboration aims to establish Aveni as a frontrunner of the industry's adoption of AI, whilst maintaining a focus on responsible usage and customer-centricity." Samuel White, venture partner, NBS Ventures, Nationwide said: "NBS Ventures has been closely monitoring Aveni for some time and we're excited to invest in the team. The investment will enable Nationwide to work closely with world-leading experts to responsibly and ethically utilise Generative AI to deliver better service and outcomes for our members." Don't miss the latest headlines with our twice-daily newsletter - sign up here for free.
[3]
Lloyds and Nationwide invest in Sottish AI fintech Aveni
The investment is led by Puma Private Equity with additional participation from Par Equity. Aveni creates large language models (LLMs) and AI products designed specifically to streamline workflows in the financial services industry, analysing documents and meetings across a range of operational functions. The vendor is curently developing FinLLM, a large language model for the financial sector in collaboration with Lloyds and Nationwide. Joseph Twigg, CEO of Aveni, explains: "The financial Services industry does not need AI models that can quote Shakespeare, it needs AI models that deliver transparency, trust and above all correctness. The way to achieve this is to develop small, highly tuned language models, trained on financial services data, reviewed by financial services experts for specific financial services use cases. "The objective with FinLLM is to set a new standard for the controlled, responsible and ethical adoption of Generative AI, outperforming all other generic models across our selected financial service use cases." Robin Scher, head of fintech investments, Lloyds Banking Group says the development programme offers a "huge opportunity" for the financial services industry by streamlining operations and elevating the customer experience. "We are keen to support Aveni's growth as we invest in their vision to develop the FinLLM alongside partners. Our collaboration aims to establish Aveni as a frontrunner of the industry's adoption of AI, whilst maintaining a focus on responsible usage and customer-centricity," he says.
[4]
Lloyds and Nationwide invest in Scottish AI fintech Aveni
The investment is led by Puma Private Equity with additional participation from Par Equity. Aveni creates AI products designed specifically to streamline workflows in the financial services industry, analysing documents and meetings across a range of operational functions with a strong focus on financial advisory services and consumer duty compliance. The cash injection will help fund the development of a new product, FinLLM, a large language model built specifically for the financial sector in collaboration with Lloyds and Nationwide. Joseph Twigg, CEO of Aveni, explains: "The financial Services industry does not need AI models that can quote Shakespeare, it needs AI models that deliver transparency, trust and above all correctness. The way to achieve this is to develop small, highly tuned language models, trained on financial services data, reviewed by financial services experts for specific financial services use cases. "The objective with FinLLM is to set a new standard for the controlled, responsible and ethical adoption of Generative AI, outperforming all other generic models across our selected financial service use cases." Robin Scher, head of fintech investments, Lloyds Banking Group says the development programme offers a "huge opportunity" for the financial services industry by streamlining operations and elevating the customer experience. "We are keen to support Aveni's growth as we invest in their vision to develop the FinLLM alongside partners. Our collaboration aims to establish Aveni as a frontrunner of the industry's adoption of AI, whilst maintaining a focus on responsible usage and customer-centricity," he says.
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Aveni, a Scottish AI fintech startup, has raised £11 million ($14 million) in a Series A funding round. The investment was led by Lloyds Banking Group and Nationwide Building Society, aiming to revolutionize financial services with AI technology.
Aveni, a Scottish artificial intelligence (AI) fintech startup, has successfully raised £11 million ($14 million) in a Series A funding round 1. This significant investment marks a pivotal moment for the Edinburgh-based company as it seeks to expand its AI-driven solutions in the financial services sector.
The funding round was spearheaded by two of the UK's largest financial institutions: Lloyds Banking Group and Nationwide Building Society 2. Their participation not only provides Aveni with substantial capital but also establishes strategic partnerships that could prove invaluable for the company's growth and market penetration.
Aveni specializes in developing AI and natural language processing (NLP) technologies tailored for the financial services industry. Their flagship product, Aveni Detect, utilizes advanced AI to analyze customer interactions across various channels, including voice, video, and text 3. This technology aims to enhance regulatory compliance, improve operational efficiency, and elevate customer experiences in financial institutions.
With the fresh injection of capital, Aveni plans to accelerate its growth trajectory. The company intends to expand its team, particularly in the areas of data science and machine learning 4. Additionally, Aveni aims to broaden its market reach, targeting financial institutions beyond its current client base in the UK.
The investment in Aveni reflects a growing trend in the financial sector towards adopting AI-driven solutions. As regulatory pressures increase and customer expectations evolve, technologies like those developed by Aveni are becoming increasingly crucial. The backing of major financial institutions suggests a strong vote of confidence in Aveni's potential to transform key aspects of financial services operations.
While the funding round represents a significant milestone for Aveni, the company faces the challenge of scaling its operations while maintaining the quality and reliability of its AI solutions. The financial services industry is known for its stringent regulatory requirements and high stakes, making it essential for Aveni to ensure its technology meets the highest standards of accuracy and compliance.
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London-based 9fin raises $50 million in Series B funding to enhance its AI-powered analytics platform for global debt capital markets, aiming to revolutionize the industry with advanced technology and expand its presence in the US market.
2 Sources
Boosted.ai raises $15 million to expand Alfa, its agentic AI platform for investment management, aiming to revolutionize workflow automation in the financial sector.
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Sedric AI, a startup specializing in AI-driven compliance solutions for financial institutions, has raised $18.5 million in Series A funding. The company aims to expand its platform that uses large language models to monitor employee communications and ensure regulatory compliance.
5 Sources
Brightwave, an AI-driven financial research platform, raises $15 million in Series A funding to accelerate development of its knowledge graph and AI reasoning system for investment professionals.
2 Sources
