Kodex AI Raises €1.6 Million To Accelerate the Development of AI Copilot for the Financial Industry
11 Oct 2023
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Berlin-based startup aims to empower financial professionals with its AI solution, powered by a purpose-built LLM
October 11, 2023, Berlin, Germany - Kodex AI, a Berlin-based startup developing AI-powered solutions for the financial industry, has announced today that it has raised €1.6 million in a funding round led by Signals VC, with participation from Techstars, Deutsche Bank, and strategic business angels.
Kodex AI’s vision is to develop an AI-powered copilot tailored to the specific needs of financial services professionals, enabling them to find the right information and make decisions much faster. The company was co-founded by strategy consultant Thomas Kaiser and AI researcher Claus Lang.
In fast-paced industries like financial services, quick access to and analysis of crucial data are paramount. Kodex AI was born out of a personal frustration with manual tasks such as data retrieval that slows down operations and limits valuable time for more impactful tasks.
"During my tenure as a strategy consultant to financial clients at Boston Consulting Group, I personally encountered weeks of late nights combing through reports in search of the right information required for analyses,” Thomas Kaiser explained. “The idea behind Kodex AI is to solve this pain point through an automated tool to instantaneously find, process, and analyze vast amounts of financial data from internal and external sources.”
Kodex AI’s solution is being specifically trained for the financial industry to accurately understand complex terminology and context. "The future belongs to specialized models that deliver higher output quality at a lower cost for their specific tasks. Whether it entails distilling vital insights from lengthy policy documents or efficiently extracting metrics from data rooms, Kodex AI solutions are designed for versatility," Claus Lang said.
“For the last year, we have been collaborating closely with Thomas and Claus as part of the Deutsche Bank Entrepreneur-In-Residence program. As a result, Kodex AI developed a solution that addresses the specific needs of a highly regulated industry and has the potential to significantly enhance the efficiency of how financial data is being extracted and analyzed,” said Gil Perez, Deutsche Bank Chief Innovation Officer. “We are delighted to participate in Kodex AI’s funding round. I look forward to continuing our close partnership helping Thomas and Claus grow their company to meet the quality needs and security requirements of the banking industry.”
“This team brings a unique understanding of the customer and the technology, which made us certain that they will succeed in their ambition of building a category-defining company,” says Christian Weniger, General Partner at Signals VC.
Kodex AI’s vision is also backed by selected angels from the financial and artificial intelligence sector, including: Tobias Hann, CEO of Mostly AI; Sabine Bendiek, Board Member at SAP; Verena Rappel, Board Member at Allianz Services; Barney Hussey-Yeo, Founder of Cleo and Karl Moritz Hermann, former data scientist at Google DeepMind.
Kodex AI's software is currently in private beta with select financial institutions and the team anticipates a broader launch later this year.