Aveni's Joseph Twigg on Small Language Models

Instead of using all-purpose AI systems, like Open AI, the finance industry is moving towards smaller AI tools. 

Think of LLMs as large libraries with thousands of books, while smaller domain language models are specialized bookstores focused on a single subject. Where LLMs offer breadth and versatility at the cost of precision, domain-specific models trade general knowledge for deep expertise in their niche.

That pitch helped Joseph Twigg, CEO and co-founder of Aveni, secure £11 million in Series A funding last month. 

The Edinburgh-based company, founded in 2018, is developing a finance-specific language model, FinLLM, in partnership with Lloyds and Nationwide, two of U.K.’s largest banks. The model aims to set the standard for transparent, responsible, and ethical adoption of Generative AI across UK financial services. 

The 43-year-old executive shares his thoughts on AI adoption, the challenges of implementing AI in financial services, and the future of domain-specific language models.