The fintech company Aveni, which is based in the United Kingdom, announced that it managed to raise investment funds for $14 million.
The mentioned firm intends to use the received funding to implement efforts aimed at introducing artificial intelligence technologies into the artificial intelligence industry. Last Monday, July 29, the company announced that investments will be directed to the development of AI products and large language models specifically for application in the specified industry.
Joseph Twigg, Aveni’s chief executive officer, says that the financial services area does not need artificial intelligence configurations that can quote Shakespeare. According to him, the relevant industry is interested in access to such AI models that deliver transparency, trust, and, above all, correctness. He says that achieving the mentioned goal is possible by developing small, highly tuned language models trained on financial services data and reviewed by experts on these issues for specific use cases.
Aveni expects that the investments it receives will allow it to develop a large language model for the financial services industry. The corresponding digital product will be developed in cooperation with Lloyds Banking Group and Nationwide.
It is worth noting that against the background of scaling up the use of artificial intelligence, the issue of cybersecurity is becoming more relevant. Scammers also have access to advanced technology. In the context of the relevant issue, user awareness is important. For example, a query in an Internet search engine, such as how to know if my camera is hacked, will allow anyone to get information about signs of unauthorized access to the device.
