Deutsche Bank’s Corporate Venture Capital (CVC) group has made an investment in Kodex AI, a Berlin-based startup that is developing a Large Language Model (LLM) application tailored to the financial services sector.
This investment follows a collaboration initiated earlier this year as part of the bank’s Entrepreneur in Residence programme. In recent months, Kodex AI’s co-founders, Thomas Kaiser and Claus Lang, have been working with the bank’s teams on an LLM-based AI product designed to extract and analyze data from financial documents.
The model has been specifically trained to understand the complex technical terminology and contexts within the financial industry, enabling it to perform deeper and more accurate analyses of financial documents compared to general AI models. Additionally, the application can interpret visual elements such as tables, going beyond traditional text-based capabilities.
Gil Perez, Deutsche Bank’s CIO, commented, “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. I look forward to continuing our close partnership with Thomas and Claus to help them grow their company in accordance with the quality and security requirements of the banking industry.”
One use case currently being piloted within Deutsche Bank involves non-financial risk, where Kodex AI is deployed as a chatbot to assist employees with policy-related questions and to navigate through complex documents.
Kodex AI joins the bank’s CVC portfolio, which recently included investments in Binalyze and Plan A. Joerg Landsch, head of central corporate venture capital at Deutsche Bank, remarked, “Our focus is on strategic corporate venture capital investments in startups that leverage technology to support and enable innovative services or enhance process productivity. We provide capital, expertise, access, and resources to our strategic investments to foster growth and success.”
The specific value of the investment has not been disclosed.