Scottish FinTech Aveni Raises £11M to Develop Custom AI Model for Financial Services

Aveni.ai, a fintech specializing in AI solutions for the financial services industry, has raised £11 million in one of the largest Series A funding rounds in Scotland this year. The investment was led by Puma Private Equity, with participation from Par Equity, Lloyds Banking Group, and Nationwide. This funding will support Aveni’s development of FinLLM, a financial services-specific Large Language Model (LLM), aiming to set new standards in the ethical adoption of generative AI.

Aveni has already established a strong market presence with its products Aveni Detect and Aveni Assist, which enhance compliance and productivity within financial services. The new funding will enable the company to expand these offerings and further develop FinLLM. FinLLM, being developed with Lloyds Banking Group and Nationwide, will focus on transparency, trust, and correctness, tailored specifically to financial services.

Joseph Twigg, CEO of Aveni, emphasized the importance of sector-specific AI models that prioritize accuracy and ethical standards over generic capabilities. The FinLLM project, based at the Edinburgh Futures Institute, aims to outperform general-purpose AI models by focusing on specialized use cases within financial services.

Investors and partners have highlighted the potential for Aveni to address key challenges in the financial sector, especially as regulatory demands increase. The collaboration with established financial institutions underscores a shared commitment to advancing AI responsibly and enhancing customer experiences.

This funding round marks a significant step for Aveni, positioning it as a leader in AI innovation within the financial services industry, particularly in the burgeoning tech hub of Scotland. The company is poised to leverage this investment to further embed AI in financial services operations, ensuring both innovation and regulatory compliance.

Source: fintech-alliance.com

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