About a-team Marketing Services

A-Team Insight Blogs

ValidMind Secures $8.1 Million for Model Risk Management and AI Governance Solutions Development

Subscribe to our newsletter

ValidMind has secured $8.1 million in a seed funding round. The investment will focus on developing model risk management and AI governance within the banking and financial services sectors. The company says the seed round was over-subscribed, demonstrating support from investors in its long-term vision to be the certifying authority for all AI solutions, starting with optimisation of financial institutions’ model risk management processes and enabling efficient and responsible AI governance.

The funding round was led by Point72 Ventures and backed by investors including Third Prime, AI Fund, FJ Labs, New York Life Ventures, Notion Capital, Angel Invest Ventures, and Gaingels. Tripp Shriner, partner at Point72, has joined the ValidMind board of directors.

The company offers an AI risk management solution that allows organisations to automate testing, documentation, and model risk governance for AI and statistical models. By automating model documentation, ValidMind is designed to help increase developer productivity, reduce time to market for models, and improve model risk management outcomes, enabling organisations to deploy AI-backed solutions with integrity, transparency and trust.

The solution is also geared to ensuring compliance with global AI and model risk regulations, such as the EU’s AI Act and the recently announced AI Bill of Rights from the US administration.

“Model risk management 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,” says Jonas Jacobi, CEO and co-founder of ValidMind. “This seed funding round strengthens our commitment to help customers increase the speed and efficiency of model risk management processes, reduce time-to-market for new AI solutions and ensure compliance with global AI and model risk regulations.”

The $8.1 million funding brings ValidMind’s total funds raised to $11.1 million.

Subscribe to our newsletter

Related content

WEBINAR

Upcoming Webinar: Practical considerations for regulatory change management

Date: 18 September 2024 Time: 10:00am ET / 3:00pm London / 4:00pm CET Duration: 50 minutes Regulatory change management has become a norm across financial markets but a challenge for financial institutions that must monitor, manage and adapt to ensure compliance with both minor and major adjustments to obligations. This year is particularly troublesome, with...

BLOG

SteelEye Sets Its Sights on Cross-Product Market Manipulation

Integrated surveillance provider SteelEye has launched a new feature designed to protect financial institutions against the emerging threat of cross-product market manipulation, also referred to as cross-market spoofing. The new feature, Cross-Product Detection, helps surveillance teams identify and address manipulative practices across multiple asset classes and platforms. Cross-market spoofing is an increasingly sophisticated and challenging...

EVENT

TradingTech Briefing New York

Our TradingTech Briefing in New York is aimed at senior-level decision makers in trading technology, electronic execution, trading architecture and offers a day packed with insight from practitioners and from innovative suppliers happy to share their experiences in dealing with the enterprise challenges facing our marketplace.

GUIDE

Best Practice Client Onboarding

Client onboarding is central to the success of banks, yet it continues to present challenges and the benefits of getting it right are difficult to achieve. The challenges arise from siloed systems, manual processes and poor entity data quality. The potential benefits of successful implementation include excellent client experience, improved client acquisition and loyalty, new business opportunities, reductions in costs, competitive advantage, and confidence in compliance.