$8.1mn seed for AI risk management platform.
In brief:
- As AI - particularly large language model - adoption increases in financial services, managing its unique risks has become crucial for the financial services sector, especially amid consumer concerns and rising regulatory scrutiny.
- ValidMind is tackling the issue, offering a risk management platform for organisations to automate testing, documentation, and model risk governance for AI and statistical models.
- By automating model documentation and the labour-intensive parts of model risk management (MRM), ValidMind says it helps increase developer productivity, reduce time to market for models, and improve outcomes.
What does this mean?
Jonas Jacobi, CEO, ValidMind, says: "The MRM teams at financial institutions are struggling to keep up amid increased pressure from the business to deploy more AI solutions faster and from regulators to ensure compliance, relying on an already time-consuming process due to a lack of fit-for-purpose built tools and increased model complexity."
"This funding strengthens our commitment to help customers increase the speed and efficiency of their MRM processes, reduce time-to-market for new AI solutions, and ensure compliance with global AI and model risk regulations."
