Participation also came from leading insurance providers Greenlight Re and Chaucer, highlighting the industry’s recognition of Armilla AI’s potential to revolutionise AI risk management.

Specialising in aiding enterprises in navigating the intricate landscape of AI adoption, Armilla AI provides comprehensive risk assessment and mitigation solutions. The insurtech aims to expand the reach of its Armilla Guaranteed™ platform, enhancing its capabilities in assessing and mitigating AI-related risks. The company is dedicated to empowering enterprises to confidently embrace AI technologies while mitigating potential failures and liabilities.

Armilla AI’s warranty product sets a new standard for responsible AI adoption, assuring enterprises that their chosen AI solutions adhere to regulatory requirements and function as intended. This initiative marks a significant stride in reshaping perceptions of responsible AI deployment within the business landscape.

Karthik Ramakrishnan, CEO and co-founder of Armilla AI (pictured), said, “With so many ways to integrate AI into a business, one of the biggest challenges for enterprises is being confident in what they are procuring from third-party AI vendors. If one of those products breaks down, it’s the enterprise that takes the hit. 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.”

Tiffine Wang, Partner at MS&AD Ventures, explained, “AI has huge potential to drive growth and unlock new opportunities for the enterprise, but only if AI is accurate and dependable. We jumped at the opportunity to back Armilla because they are not only helping to promote more responsible AI but also providing protection and peace of mind. When it comes to new, ever-evolving technology like AI, that’s invaluable.”

Brian O’Reilly, Head of Innovation at Greenlight, said, ”Customers and brokers we’ve spoken to are generally excited about the opportunity to have some form of AI protection. As it stands, given the rapidly evolving AI risk landscape, there is little to offer these customers today. Armilla has a deep technical understanding of AI and the regulatory landscape that surrounds it, allowing them to create a platform that automates a large portion of AI risk evaluation and provide a systematic methodology for evaluating AI risk across a range of model types and use cases.”

Raif Barbaros, Partner at Mistral Venture Partners, added, “As regulators continually offer more guidance on the use of AI, businesses need to up their game in quality and compliance. Armilla AI will help enterprises be prepared to face these regulatory challenges head-on while also minimizing direct risk to their business. The Armilla team knows that ensuring AI is fair and thoughtfully tested is the first step to making it safer for everyone and we’re proud to be a part of the warranty that will help tech leaders breathe easier as this technology evolves.‍”