Insurtech Norm Ai, a compliance AI platform, secured $48 mn in new funding, reflecting strong investor confidence in its technology for regulatory adherence across the insurance sector and beyond.
Coatue led the investment, joined by Craft Ventures, Vanguard, Blackstone Innovations Investments, Bain Capital, New York Life Ventures, Citi Ventures, TIAA Ventures, and Marc Benioff.
With the new capital, Norm Ai plans to continue expanding its platform and growing its client base, hiring for roles across software engineering, AI engineering, legal engineering, sales, and more.
This round brings Norm Ai’s total funding to $87 mn in 18 months. In June 2024, Norm Ai raised $27 mn in a Series A funding round led by Coatue, with participation from Bain Capital Ventures, Blackstone Innovations Investments, New York Life Ventures, Citi Ventures, TIAA Ventures, and Jefferson River Capital.
Norm Ai, established in 2023, has developed an AI platform that converts regulations into computer code, aiming to automate and enhance compliance processes.
Norm Ai’s approach integrates compliance checks directly into business operations, addressing challenges faced by companies in managing AI-generated content, internal communications, policy agreements, and external communications like marketing and sales materials.
The company will use the funds to enhance its technology, expand its team, and scale operations. It aims to improve compliance efficiency and reduce regulatory burdens with AI-driven solutions.
CEO John Nay stated that Norm Ai converts legal requirements and corporate policies into intelligent systems embedded in workflows, reducing compliance processes from days to minutes.
John Nay founded Norm Ai after a decade of research at the intersection of AI & Law, most recently at Stanford. He was also the founding CEO of Brooklyn Investment Group, an AI-powered investment software platform and SEC Registered Investment Adviser, where he is now Chairman.
Coatue’s founder, Philippe Laffont, emphasized Norm Ai’s leadership in AI-driven compliance automation, reinforcing confidence in its vision and technology.
We built Norm Ai to turn regulatory requirements, legal obligations, and corporate policies into intelligent systems that can be embedded into business workflows, reducing what used to take days into minutes.
John Nay, Founder and CEO of Norm Ai
“This strategic investment accelerates our research and development across legal and regulatory frameworks to meet demand for AI compliance solutions,” John Nay said.
The company’s technology aims to make compliance analyses more efficient, comprehensive, and accurate, enabling businesses to delegate tasks via instructions while validating the resulting work product at any level of detail.
The company’s mission is to transform enterprise compliance by developing new AI systems that enhance efficiency and reduce regulatory burdens.
The team of AI researchers, AI engineers, legal engineers, software engineers, and lawyers is headquartered in the World Trade Center in New York City.
