Compliance technology company Sedric AI has raised $18.5m from venture capital investors in a Series A funding round. Sedric AI has now raised c.$22m since its founding in 2020.
The company said that Foundation Capital – a Silicon Valley venture capital firm – had led the round, which also had contributions from Amex Ventures, the venture arm of American Express. Existing shareholders StageOne Ventures and The Garage also took part in the funding round.
Sedric AI currently targets three industries – debt collection, banking, and online trading. The firm has become very popular in the latter sector. Several large brokers, including Trading 212, eToro, and Exness, make use of the company’s services.
The company’s main product for brokers is a compliance monitoring tool that they can use to ensure affiliates, partners, and any other marketing materials stay compliant. If material is non-compliant, Sedric AI’s artificial intelligence tool flags it and then notifies the broker.
“For financial institutions, compliance and growth can be seen as two competing priorities,” said Nir Laznik, co-founder and CEO of Sedric AI, in a statement regarding the funding round.
“With our compliance LLM, we turn risk into a growth opportunity. Enterprises now have an opportunity to implement a proven, bank-ready solution that is successfully operational and already widely adopted across the financial services industry.”
