Join us in Atlanta on April 10th and explore the landscape of security workforce. We will explore the vision, benefits, and use cases of AI for security teams. Request an invite here.
ValidMind, a startup focused on AI and model risk management for financial institutions, announced today that it has raised $8.1 million in seed funding. The round was led by Point72 Ventures, with participation from several other venture capital firms.
The new capital comes as banks face growing pressure to expand their use of AI, while ensuring these technologies comply with regulations. According to a report from the Consumer Financial Protection Bureau, banks that use chatbots risk providing inaccurate information to customers, diminishing consumer trust. In addition, new regulations like the EU’s AI Act and the proposed U.S. AI Bill of Rights are pushing the limits of current model risk management (MRM) processes and legacy MRM systems at banks.
As ValidMind CEO and Co-founder Jonas Jacobi recently explained in an interview with VentureBeat, “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.”
How ValidMind helps with compliance
Jacobi explained that current regulations like SR 11-7 in the U.S. already cover AI models, even if they don’t explicitly mention AI. “The banks out of the U.S. will have a head start on all the other banks, because they’ve already been regulated,” he said.
VB Event
The AI Impact Tour – Atlanta
Continuing our tour, we’re headed to Atlanta for the AI Impact Tour stop on April 10th. This exclusive, invite-only event, in partnership with Microsoft, will feature discussions on how generative AI is transforming the security workforce. Space is limited, so request an invite today.
Request an invite
However, the model risk management process at most banks involves exten …
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Join us in Atlanta on April 10th and explore the landscape of security workforce. We will explore the vision, benefits, and use cases of AI for security teams. Request an invite here.
ValidMind, a startup focused on AI and model risk management for financial institutions, announced today that it has raised $8.1 million in seed funding. The round was led by Point72 Ventures, with participation from several other venture capital firms.
The new capital comes as banks face growing pressure to expand their use of AI, while ensuring these technologies comply with regulations. According to a report from the Consumer Financial Protection Bureau, banks that use chatbots risk providing inaccurate information to customers, diminishing consumer trust. In addition, new regulations like the EU’s AI Act and the proposed U.S. AI Bill of Rights are pushing the limits of current model risk management (MRM) processes and legacy MRM systems at banks.
As ValidMind CEO and Co-founder Jonas Jacobi recently explained in an interview with VentureBeat, “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.”
How ValidMind helps with compliance
Jacobi explained that current regulations like SR 11-7 in the U.S. already cover AI models, even if they don’t explicitly mention AI. “The banks out of the U.S. will have a head start on all the other banks, because they’ve already been regulated,” he said.
VB Event
The AI Impact Tour – Atlanta
Continuing our tour, we’re headed to Atlanta for the AI Impact Tour stop on April 10th. This exclusive, invite-only event, in partnership with Microsoft, will feature discussions on how generative AI is transforming the security workforce. Space is limited, so request an invite today.
Request an invite
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