Regulatory technology has been in high demand as of late and for a good reason. It helps automate tons of regulatory processes that would otherwise take plenty of time and exhaust multiple important resources that could be put to better use elsewhere.
Because of this, several companies have started investing in the technology, one of which is a New York based startup called Norm AI.
According to multiple reputable reports, this company has successfully been able to secure over twenty-five million Dollars, which will be invested for its regulatory compliance solution. The company plans to create a solution powered by artificial intelligence that could introduce massive changes in Norm AI’s day to day operations.
Several renowned organizations were present in the investment round, including New York Life, Blackstone, Citi Ventures, Bain Capital Ventures, along with Tony James who used to Blackstone’s president.
What is Norm AI’S Primary Objective?
One of the biggest reasons behind creating the regulatory technology that Norm AI has been working on is to provide compliance terms to different businesses, whether big or small. Doing so will help transform standard regulations in efficient computer code.
Leader’s working at this firm claim that its technology will be more than capable of automating things like compliance analyses, ensuring they are highly accurate, in-depth and efficient. Such a technology holds the power to help companies conduct important regulatory assessments in a seamless manner.
This will help produce feedback that companies can take action on, making sure that they can fulfill important compliance and regulatory requirements with ease.
It is also worth mentioning here that the regulatory technology will have the ability to go through and approve different types of content against a variety of compliance requirements within a matter of minutes instead of taking several hours.
Will this Injection of Cash Be Enough for Norm AI?
The money gathered by Norm AI during the past year will greatly aid in their proprietary AI’s development procedure. Doing so holds the potential to improve their client base, attracting people from different parts of the globe.
What’s more, experts working at Norm AI claim that they plan to utilize the recently collected funds for hiring sales experts, software engineers, legal engineers, artificial intelligence engineers and plenty more to help with their regulatory technology’s development process.
Norm AI’s CEO and founder, John Nay firmly believes that the finance sector can greatly benefit from high level AI capabilities that they could harness to make regulatory compliance related improvements on a massive scale.
While the regulatory technology that Norm AI has been working on may take some time to complete, it is clear that the company is pulling out all the stops to make it a global success.