Fintech
Scottish financial technology firm Aveni raises £11m to develop custom AI model for financial services
July 30, 2024
Written by FinTech Alliance in Financial Technology
Scottish FinTech startup Aveni, known for its innovative AI solutions in the financial sector, has secured £11 million in Series A funding. With this new capital, Aveni plans to create a bespoke large language model (LLM) specifically for financial services, aiming to disrupt the industry with its FinLLM project.
– The project is supported by leading UK financial institutions, Lloyds Banking Group and Nationwide, ensuring the model is well aligned with industry needs.
– FinLLM aims to address specific challenges in the banking sector, such as security and compliance, by offering a more targeted alternative to the generic AI models of big tech companies.
– Aveni’s FinLLM is expected to work alongside general-purpose models like ChatGPT, creating a dynamic, multi-layered AI technology stack tailored for various financial applications.
“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.” Joseph Twigg, CEO of Aveni