Norm Ai Inc., a developer of artificial intelligence agents focused on regulatory compliance, said today it has closed on a $48 million Series B funding round that brings its total amount raised to $87 million.
Today’s round was led by Coatue and saw participation from a host of others, including Craft Ventures, Vanguard, Blackstone Innovations Investments, Bain Capital, NewYork Life Ventures, Citi Ventures, TIAA Ventures and Salesforce Inc. founder and Chief Executive Marc Benioff.
The startup pitches itself as a “legal and compliance automation platform” and its mission is to change the way that businesses handle matters relating to the industry and legal regulations they’re required to adhere to. It has created a “compliant by design” approach that aims to integrate compliance checks into various business activities and processes, such as AI-generated content, legal agreements, internal communications, external corporate communications, sales and marketing materials and so on.
Norm Ai says it has created a proprietary programming language that represents corporate policies and government regulations in decision trees, so they can be understood by large language models developed using its agentic AI platform. It enables companies to design and create “Regulatory AI Agents” that can work side-by-side with compliance workers and help to automate compliance checks.
According to the startup, its customers are required to conduct regular compliance reviews of their current and future business activities to ensure they adhere to federal, state and local regulations. They use its AI agents to check they’re compliant with the terms of some extremely large and complex documents, such as the Social Security Act, which contains more than 15,600 words, the Affordable Care Act, at more than 371,800 words, and the Clean Air Act, which has over 213,000 words.
Each time a business employee submits new documents to the company’s system, Norm AI’s agents will automatically scan it for compliance, providing clear, actionable explanations in the case where new content is a problem. The agents can make these compliance determinations within just seconds, and then go ahead and implement the recommendations they suggest if the worker OKs them.
Norm Ai founder and Chief Executive John Nay said the idea behind his company is to turn regulatory requirements, legal obligations and corporate policies into intelligent systems that are embedded directly with business workflows.
The company is operating in a growing industry for legal, risk and compliance technology, with the need for automation increasing as more organizations adopt AI tools and generate enormous volumes of data. Future Market Insights has forecast the market to grow from $10.9 billion in 2023 to as much as $21.9 billion by 2034.
Image: SiliconANGLE/Dreamina
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