We founded ValidMind on a vision of customer centricity inspired by the need for a more efficient approach to model risk management and AI governance. We have developed a solution using cutting-edge technology that addresses the complexities associated with model documentation, model validation, and risk management processes without compromising our founding principle: To create a user-focused platform that empowers model developers and model risk professionals at financial institutions to operate with increased efficiency and confidence, while satisfying regulatory compliance and fostering innovation.

Today, that vision is a reality, and as the next step in our journey, I’m thrilled to announce that ValidMind has successfully secured $8.1 million in its Seed funding round, with a strategic focus on transforming model risk management and AI governance within the banking and financial services sectors. Point72 Ventures led the round, backed by several prominent investors, including Third Prime, AI Fund, FJ Labs, New York Life Ventures, Notion Capital, Angel Invest Ventures, and Gaingels. We are also excited to have Tripp Shriner, Partner at Point72, join our board of directors as part of this financing round.

ValidMind simplifies model risk management in financial services

The Seed round was highly over-subscribed, demonstrating strong support from investors in our long-term vision to be the certifying authority of all AI solutions, starting with optimizing financial institutions’ model risk management processes and enabling efficient and responsible AI governance. 

We aim to provide a cost-effective solution enabling banks and financial institutions to enhance their overall AI risk management and governance processes with automated model documentation and validation. We believe in pioneering a fresh paradigm to seamlessly and securely orchestrate and scale AI and model risk management activities to unlock AI’s full potential across the industry and navigate all AI model-related risks and challenges — now and in the future.

The AI-driven future of MRM is bright

The funds raised in this Seed round will be instrumental in further developing our platform, enhancing its capabilities, and expanding our reach within the banking and financial services sectors. With a steadfast commitment to excellence, our fantastic team of experts is committed to making a significant impact by introducing cutting-edge solutions that transform the landscape of model risk management and delivering value to our clients by continually investing in advancing our technology and services.

The overwhelming response we have received from the banking community for our solution has been exhilarating, and we look forward to working with our partners and customers to deliver on our vision and provide a compelling and groundbreaking AI and Model Risk Management solution. 

Shaping the future of AI in banking and beyond

Join us on this exciting venture as we work toward bringing cutting-edge innovation to model risk management and responsible AI governance for financial institutions. ValidMind is poised to play a pivotal role in shaping the future of this industry, and we look forward to sharing more milestones as we progress. If you are a model risk management professional or a developer experienced with model risk management processes, we would love to hear about your current experiences. You can reach me at jonas@validmind.ai.

Keep your eyes peeled; we’ve just started.

++ Jonas

ValidMind in the Media

• Business Insider: Fintech ValidMind aims to ease Wall Street’s AI risk management headaches. Here’s the pitch deck it used to raise $8 million in a round led by Point72 Ventures
• VentureBeat: AI risk management startup ValidMind raises $8.1M to help banks comply with regulations
• SiliconANGLE: ValidMind raises $8.1M to streamline AI model risk management processes 
• Techopedia: What the New EU AI Act Means: Expert Analysis
• PYMNTS: EU’s New AI Rules Spark Debate Over Innovation ‘Barrier’
• The AI Journal: From regulated innovation to privacy protection: the EU’s AI Act and perspectives on what it means for business