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News

Aveni secures GBP 11 mln investment

Monday 29 July 2024 13:48 CET | News

Aveni.ai has announced a Series A investment amounting to GBP 11 million, led by Puma Private Equity with participation from Par Equity, Lloyds Banking Group, and Nationwide. 

 

According to the announcement, Aveni leverages globally-recognised AI expertise and deep financial services experience to create large language models (LLMs) and AI products specifically tailored for the financial services industry. Trusted by UK financial services firms, Aveni has experienced significant growth over the past two years with its compliance and productivity solutions, Aveni Detect and Aveni Assist. 


This investment is expected to enable Aveni to build on the success of these products, further solidifying its presence in the financial services sector and introducing groundbreaking technology with the development of FinLLM, a financial services-specific large language model. 

Aveni.ai has announced a Series A investment amounting to GBP 11 million, led by Puma Private Equity with participation from Par Equity, Lloyds Banking Group, and Nationwide.

 

New funding to develop Aveni's FinLLM 

FinLLM is being developed in collaboration with new investors Lloyds Banking Group and Nationwide. As an industry-aligned LLM, FinLLM aims to set the standard for the transparent, responsible, and ethical adoption of Generative AI across UK financial services. The funding is intended reinforce Aveni’s position in AI solutions for UK financial services businesses, driving the adoption of generative AI across the sector. 

The funding round was led by Puma Private Equity with participation from Lloyds Banking Group, Nationwide and existing investors Par Equity and Scottish Enterprise. 

Officials from Aveni commented that Generative AI represents the most significant technological evolution of this generation, and this presents a significant opportunity for Aveni and partners. The objective with FinLLM is to set a new standard for the controlled, responsible and ethical adoption of Generative AI, outperforming all other generic models across our selected financial service use cases. 

Source: Link


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Keywords: funding, investment, artificial intelligence, GenAI, financial services
Categories: Banking & Fintech
Companies: Aveni
Countries: United Kingdom
This article is part of category

Banking & Fintech

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Aveni

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