Sedric raises $18.5M Series A for AI-based fintech compliance platform
Sedric raises $18.5M Series A for AI-based fintech compliance platform
The Israeli startup helps compliance officers with a holistic view of their customer touchpoints across multiple channels to flag deviations from their established compliance policies and guidelines.
Sedric AI, which has developed a compliance-dedicated AI platform for financial institutions, announced on Thursday that it has closed a $18.5 million Series A funding round. The latest funding round, led by Foundation Capital with participation from Amex Ventures, brings the total amount raised by the company to date to $22 million. Sedric’s existing investors include StageOne Ventures, The Garage, Gefen Capital, Skywell Capital, Secret Chord, and K20 Fund.
The funds will be used to grow Sedric’s AI lab in Tel Aviv and expand its global go-to-market teams. The company, founded in 2020 by Nir Laznik and Eyal Peleg, employs 30 people.
The current regulatory environment, coupled with the growing scope of financial services, is driving demand for innovative solutions to help compliance officers execute their organization’s policies, guidelines, and standards. Sedric helps compliance officers with a holistic view of their customer touchpoints across multiple channels to flag deviations from their established compliance policies and guidelines. Sedric’s technology enables companies to quickly take corrective actions without the cost and burden of manual review.
The company’s technology is powered by a compliance-dedicated large language model (LLM), providing organizations with an enterprise-ready platform to oversee and manage compliance risks.
“For financial institutions, compliance and growth can be seen as two competing priorities," said Nir Laznik, co-founder and CEO of Sedric. “With our compliance LLM, we turn risk into a growth opportunity. Enterprises now have an opportunity to implement a proven, bank-ready solution that is successfully operational and already widely adopted across the financial services industry.”
