Armilla AI, a Toronto, Canada-based assurance platform that safeguards against the risks of AI models through product verification and warranties, has secured $4.5 million in seed funding.
SaaS Investors
The round was led by Mistral Venture Partners, with participation from MS&AD Ventures, SixThirty Ventures, Morgan Creek Digital, and Y Combinator and insurance providers Greenlight Re and Chaucer.
Founded in 2013, Mistral Venture Partners is a venture capital firm based in Ottawa, Canada. The firm prefers to make pre-seed and seed investments in companies operating in enterprise software, artificial intelligence, and marketplace sectors across the United States and Canada.
Armilla AI Use of Funds
The company will use the funds to further develop its Armilla Guaranteed™ service, addressing trust and risk concerns in AI adoption. With plans to expand warranty offerings and introduce new products, Armilla AI aims to enhance trust and reliability in AI technology.
About Armilla AI
Founded in 2020 by Karthik Ramakrishnan and Dan Adamson, Armilla AI is a risk mitigation and transfer solutions provider, on a mission to empower enterprises to safely deploy cutting-edge AI. Using industry-leading AI/LLM evaluation technology, the company assesses and quantifies the risk level of AI models to provide AI verification and warranties. Armilla AI helps enterprises and AI vendors both understand the risks of AI and establish protection for when problems arise. Armilla is already supporting AI vendors within healthcare, financial services, and Manufacturing.
Funding Details
Company: Armilla AI
Raised: $4.5M
Round: Seed Round
Funding Month: February 2024
Lead Investors: Mistral Venture Partners
Additional Investors: MS&AD Ventures, SixThirty Ventures, Morgan Creek Digital and Y Combinator and insurance providers Greenlight Re and Chaucer
Company Website: https://www.armilla.ai/
Software Category: AI Risk Mitigation and Transfer Solutions
Source: https://www.webwire.com/ViewPressRel.asp?aId=317540