Armilla AI, a Toronto, Canada-based company, has raised $4.5 million in seed money.
Armilla AI is an assurance platform driven by AI.
In addition to Chaucer, Greenlight Re, MS&AD Ventures, SixThirty Ventures, Morgan Creek Digital, and Y Combinator, Mistral Venture Partners led the round.
With the money, the business plans to further develop Armilla GuaranteedTM, a performance and quality guarantee for artificial intelligence solutions.
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.
“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.”
Karthik Ramakrishnan
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.
The product’s purchaser will get their license price back if the model doesn’t live up to expectations.
