/start ups

News and resources on fintech start-ups, scale-ups, hubs, accelerators, VCs and funding worldwide.

Deutsche Bank invests in LLM developer Kodex AI

Deutsche Bank's Corporate Venture Capital (CVC) group has invested in Kodex AI, a Berlin-based startup developing a Large Language Model (LLM) application catered to the needs of the financial services industry.

Be the first to comment

Deutsche Bank invests in LLM developer Kodex AI

Editorial

This content has been selected, created and edited by the Finextra editorial team based upon its relevance and interest to our community.

The investment follows a collaboration which started earlier this year as part of the bank’s Entrepreneur in Residence programme. Over the past months, Kodex AI’s co-founders Thomas Kaiser and Claus Lang have worked with the bank’s teams on an LLM-based AI product that can be used to extract and analyse data from financial documents.

The model was specifically trained for the financial industry in order to precisely understand complex technical terminology and contexts. This allows for deeper and more accurate analysis of financial documents compared to general AI models. Unlike traditional applications that are limited to text, the application can also interpret visual elements such as tables.

“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 analysed,” says Gil Perez, Deutsche Bank’s CIO. “I look forward to continuing our close partnership helping Thomas and Claus grow their company to meet all the quality needs and security requirements of the banking industry.”

One use case currently being piloted within Deutsche Bank focuses on non-financial risk. In this instance Kodex AI is deployed as a chatbot that can help employees get quick answers to policy-related questions and navigate through the high volume of complex documents.

Kodex AI is the latest addition to the bank’s CVC portfolio, following recent investment into Binalyze and Plan A.

“Our focus is on strategic corporate venture capital investments in startups that use technology to either support and enable innovative services, or increase productivity of processes”, says Joerg Landsch, head of central corporate venture capital, Deutsche Bank. “We commit capital, expertise, access and resources to our strategic investments to enable growth and success.”

The value of the investment was not disclosed.

Sponsored Join us at Money20/20 Europe 2024 - 4-6 June, Amsterdam | Use code FEX200 to save €200 on your ticket

Comments: (0)

[Upcoming Webinar] Instant Payments and their impact on the fraud landscapeFinextra Promoted[Upcoming Webinar] Instant Payments and their impact on the fraud landscape