Blackstone, Vanguard Invest Funds in Compliance AI Startup

Regulatory compliance startup Norm Ai raised $48 million in startup funding from Coatue Management LLC, venture funds tied to insurers and financial service companies, and Salesforce co-founder Marc Benioff.

Norm on Tuesday announced the funding round, which includes contributions from funds tied to TIAA, New York Life, Vanguard, Blackstone, Bain Capital, and Citi Bank, along with Craft Ventures. Coatue led Norm’s $11.1 million seed funding round last year.

Norm founder John Nay said his product uses proprietary technology to create AI agents that can perform regulatory checks of content or actions and identify regulatory risk in them. Norm has hired ...