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Scottish FinTech Aveni secures £11m to expand AI offering

By Gloria Methri

July 30, 2024

  • Aveni
  • Aveni Assist
  • Aveni Detect
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Aveni, Investment Management, AI, NLP, UKAI FinTech Aveni has announced one of the largest Series A investments in a Scottish business this year, amounting to £11 million. The investment is led by Puma Private Equity with participation from Par Equity, Lloyds Banking Group and Nationwide.

Aveni combines AI expertise with extensive financial services experience to create large language models (LLMs) and AI products designed specifically for the financial services industry. It is trusted by some of the UK’s leading financial services firms. It has seen significant business growth over the past two years through its compliance and productivity solutions, Aveni Detect and Aveni Assist.

This investment will enable Aveni to build on the success of existing products, further establish its presence across the sector and introduce advanced technology through FinLLM, a financial services-specific large language model.

FinLLM is being developed in partnership with new investors Lloyds Banking Group and Nationwide. It is an industry-aligned large language model that aims to set the standard for the transparent, responsible and ethical adoption of Generative AI across UK financial services.

Post-investment, the team developing FinLLM will be based at the Edinburgh Futures Institute in a state-of-the-art facility.

Joseph Twigg, CEO of Aveni, explained, “The financial services industry does not need AI models that can quote Shakespeare; it needs AI models that deliver transparency, trust and above all, correctness. The way to achieve this is to develop small, highly tuned language models trained on financial services data and reviewed by financial services experts for specific financial services use cases. Generative AI represents the most significant technological evolution of our generation, and we are in the nascent stages of adoption. This presents a significant opportunity for Aveni and our partners. The objective with FinLLM is to set a new standard for the controlled, responsible and ethical adoption of Generative AI, outperforming all other generic models across our selected financial service use cases.”

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