Scottish FinTech startup Aveni, known for its innovative AI solutions in the financial sector, has secured £11 million in Series A funding. With this new capital, Aveni plans to create a bespoke large language model (LLM) tailored specifically for financial services, aiming to revolutionize the industry with its FinLLM project.
- The project is supported by major UK financial institutions, Lloyds Banking Group and Nationwide, ensuring that the model is well-aligned with industry needs.
- FinLLM aims to address specific challenges in banking, such as security and compliance, offering a more tailored alternative to general-purpose AI models from big tech companies.
- Aveni's FinLLM is expected to work in conjunction with general-purpose models like ChatGPT, creating a dynamic and multi-layered AI technology stack tailored to various financial applications.
"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.” Joseph Twigg, CEO of Aveni
