Fueled by $3.7M, Coris Aims to Redefine SMB Risk Management through AI

California-based fintech startup Coris has secured $3.7 million in seed funding to advance its AI-driven risk management platform, targeting a transformative impact on outdated processes prevalent in small and medium-sized business (SMB) risk assessment. Lux Capital and Exponent Capital led the seed round, facilitating Coris’s ambition to automate and enhance risk evaluation for SMB customers in the financial services sector. Using large language models (LLMs), Coris delves into unstructured data, offering automated underwriting through innovative products like CorShield, designed to thwart impersonation fraud during SMB onboarding by cross-referencing applicant data with online sources.

Vinodh Poyyapakkam, CEO of Coris, underscores the demand for integrated risk infrastructure software with embedded AI tailored for SMBs, empowering companies to manage risk natively within their platforms. The funding injection will expedite the deployment of Coris’s groundbreaking offerings, including CorShield, a pioneering SMB fraud model, and an encompassing business verification tool, revolutionizing traditional SMB risk assessment.

Coris’s AI-driven platform not only saves time but strategically reimagines risk management, offering tools that streamline onboarding and continuous monitoring. CorShield, focused on fraud prevention, cross-references SMB data against multiple sources, reducing the likelihood of impersonation and fraud. The MerchantProfiler tool provides real-time business verifications and industry classification across 46 countries, crucial for global software companies and fintechs in compliance and risk management. Fuzio, Coris’s centralized risk management platform, enables teams to automate risk assessments, configure custom rules, and make informed decisions based on comprehensive data.

Results showcase Coris’s impact on streamlined verification for over 150,000 SMBs and data on over 330 million globally, addressing the needs of a substantial addressable market of around 30 million SMBs in the U.S. The funding and Coris’s strategic vision, coupled with its seasoned founders, position the startup as a frontrunner in reshaping SMB risk management with AI-driven innovation.

Source: VentureBeat