A New York City-based startup focused on automating regulatory compliance recently secured a $27 million funding round it will use to build AI agents. Norm Ai, founded by John Nay, a former NYU professor and tech entrepreneur, said its platform uses AI to convert governing regulations into executable computer code producing AI agents that make complying with those rules more efficient and accurate.
Norm Ai will use the proceeds from the Series A round to bolster its engineering and sales staff to grow its client base and continue to build out the platform.
“I’ve been conducting research at the intersection of AI and law for more than a decade,” said Nay, who currently is serving as a visiting professor of artificial intelligence and law at Vanderbilt University. “We are now at an inflection point in AI capabilities that, when properly harnessed, unlock massive improvements in regulatory compliance workflows across the economy.”
Coatue led the funding round with participation from Bain Capital Ventures, Blackstone Innovations Investments, New York Life Ventures, Citi Ventures, TIAA Ventures, and Jefferson River Capital.