Canada-based Armilla AI secures $4.5million in seed funding. Mistral Venture Partners led the investment, and Chaucer, Greenlight Re, MS&AD Ventures, SixThirty Ventures, Morgan Creek Digital, and Y Combinator also participated.
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The money will be used by the business to promote the growth of Armilla GuaranteedTM, a program that provides performance and quality assurance for AI products.
Under the direction of CEO Karthik Ramakrishnan, Armilla AI assists businesses and AI providers in comprehending the dangers of AI and setting up safeguards in case issues emerge.
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With the help of international AI rules and standards like the EU AI Act and the NIST AI Risk Management Framework, the Armilla GuaranteedTM platform first verifies the quality of an AI model by conducting assessments and looking for issues like gender or racial prejudice and poor model development.
Karthik Ramakrishnan said: “With the introduction of our warranty product, we’re giving enterprises a guarantee that the AI products they choose are compliant, function as advertised, and because AI is susceptible to errors, they are protected when failures do happen. We believe this will fundamentally reshape the understanding of responsible AI, and the backing from our investors will help us explore additional insurance policies that limit risk for Enterprises.”
About Armilla AI
Armilla AI’s goal is to help businesses properly implement cutting edge AI. The company offers solutions for AI risk minimization and transfer. Leading reinsurers Swiss Re, Greenlight Re, and Chaucer support the company as it evaluates and quantifies the risk level of AI models using industry-leading AI/LLM evaluation technologies to provide AI verification and guarantees.
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