Fintech
Fintech Aveni secures £11m Series A investment to develop its AI-powered technology for the financial services sector
A fintech company has secured an £11m Series A investment to develop its AI-powered products and services for the financial services sector.
To come is building AI products and large language models (LLMs) aimed at the financial services industry. The group has seen significant growth over the past two years, led by compliance and productivity solutions Aveni Detect and Aveni Assis.
The firm plans to use its latest funding to expand its existing product range and launch an LLM specifically aimed 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 doesn’t need AI models that can quote Shakespeare, it needs AI models that can provide transparency, trust and, most importantly, fairness. The way to achieve this is to develop small, highly tuned language models, trained on financial services data, vetted by financial services experts for specific financial services use cases.
“Generative AI represents the most significant technological evolution of our generation and we are in the early stages of adoption. This represents a significant opportunity for Aveni and our partners. The goal with FinLLM is to set a new standard for the controlled, responsible and ethical adoption of generative AI, surpassing all other generic models in our selected financial services use cases.”
Ben Leslie, Investment Director at Puma Private Equity commented: “The impact Aveni has had in providing AI solutions to the financial services industry is already significant and there is huge opportunity for growth in the future. We are very excited to support Joseph, Jamie, Dr. Lexi Birch and the team as they focus on this next phase.
“With Scotland’s position as a major emerging technology hub and the increasing regulatory burden on financial services firms, we believe Aveni is uniquely positioned to solve the key challenges facing the sector.”
Robin Scher, Head of Fintech Investment, Lloyds Banking Group said: “Aveni’s cutting-edge AI solutions offer a huge opportunity for the financial services industry, streamlining operations and improving customer experience. We look forward to supporting Aveni’s growth as we invest in their vision to develop FinLLM together with partners. Our collaboration aims to establish Aveni as a forerunner in AI adoption in the industry, while maintaining a focus on responsible use and customer centricity.”
Samuel White, venture partner, NBS Ventures, Nationwide said: “NBS Ventures has been closely monitoring Aveni for some time and we are excited to invest in the team. The investment will enable Nationwide to work closely with world-leading experts to responsibly and ethically use generative AI to deliver better service and outcomes for our members.”
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