CANADA – Armilla AI, a Toronto, Canada-based provider of an AI-powered assurance platform, raised $4.5M in Seed funding.
The round was led by Mistral Venture Partners with participation from Greenlight Re and Chaucer as well as MS&AD Ventures, SixThirty Ventures, Morgan Creek Digital and Y Combinator.The company intends to use the funds to support the expansion of Armilla Guaranteed™, a quality assessment and performance guarantee for AI products.Led by CEO Karthik Ramakrishnan, Armilla AI helps enterprises and AI vendors both understand the risks of AI and establish protection for when problems arise. Leveraging requirements in global AI regulations and standards such as the EU AI Act and the NIST AI Risk Management Framework, the Armilla Guaranteed™ platform first conducts assessments to verify the quality of an AI model, searching for threats like racial or gender bias and weak model formation. If that model does not perform as promised, the buyer of the product will be reimbursed for the license fee that they paid.Commenting on the news, 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.”A graduate of renowned AI and insurtech accelerators, including Y Combinator, Lloyd’s Lab and Betaworks’ AI Camp, Armilla AI was recently named to FinTech Global’s Insurtech100 and InsureTechConnect’s Forward50, and is a winner of the Responsible AI Institute’s 2023 award for most outstanding product.15/02/2024
