Aveni Raises £11 Million to Build 'Ethical' AI Solutions for Finance

Scottish generative AI fintech Aveni has secured an £11 million funding round led by Puma Private Equity, with participation from Lloyds Bank, Nationwide, Scottish Enterprise, and Par Equity

The funding will be used to develop FinLLM, a generative AI solution for the financial services industry

Aveni aims to set the standard for the transparent, responsible, and ethical adoption of generative AI in finance, focusing on developing small, highly tuned language models trained on financial services data and reviewed by financial services experts

The investment signifies a growing partnership between Aveni and both Lloyds Bank and Nationwide, which believe that the startup's solutions offer a huge opportunity for the financial services industry to streamline operations and elevate the customer experience.