Aveni Secures £11 Million To Lead AI Transformation In Financial Sector
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Aveni has announced that it has secured £11 million in a Series A financing round to introduce AI to financial services.
The investment round was spearheaded by Puma Private Equity with involvement from Nationwide, Lloyds Banking Group, and current investors Scottish Enterprise and Par Equity.
Aveni builds AI tools designed mainly to simplify work in the financial services sector. It analyses documents and meetings in multiple functions, particularly focusing on consumer duty compliance and financial advisory services.
The Investment Will Contribute To The Development Of FinLLM
The investment will support the creation of a new service called FinLLM, a Large Language Model (LLM) developed for the financial industry in partnership with Nationwide and Lloyds
The Chief Executive Officer of Aveni, Joseph Twigg, stated that the financial services sector requires AI models that provide trust, transparency, and accuracy. He added that the solution is to build small, fine-tuned language models using financial data and checked by experts for financial uses.
Twigg also said that Generative AI is the biggest technological change of this generation and individuals, companies and industries are just beginning to use it. He added that this is a huge opportunity for the company and its partners.
Twigg noted that the goal with FinLLM is to create a new standard for the responsible, controlled, and ethical use of Generative AI, surpassing all other models in the company’s chosen financial services
The Director of Fintech Investments at Lloyds Banking Group, Robin Scher gave his opinion about the development. He said that the development program provides a massive opportunity for the Financial sector. It makes it easier to carry out operations and enhances the customer experience.
The Partnership Seeks To Use Generative AI To Offer Better Services And Results
Scher added that the firm wants to help Aveni grow by supporting its plan to create the FinLLM along with partners. He noted that the partnership aims to make Aveni a leader in using AI in the industry while keeping it safe and focused on customers.
Venture Partner at NBS Ventures, Nationwide, Samuel White, stated that for some time now, NBS Ventures has been keeping an eye on Aveni and the company is thrilled to support the team. He added that the funding will allow Nationwide to team up with the world’s best experts to use Generative AI safely and fairly to offer better service and results to the members.
Ben Leslie, the head of investment at Puma Private Equity also commented on the development. He stated that as Scotland becomes a big tech center and financial businesses face more regulatory burden, the team thinks Aveni can solve important problems in the industry.
