Calvin Risk, a start-up founded by Syang Zhou and Julian Riebartsch, is addressing the challenges that come with the increasing use of artificial intelligence (AI) in enterprises. The company recently announced the successful completion of a $4 million seed funding round, highlighting the growing demand for solutions that help organizations navigate the risks associated with AI adoption.
One of the main issues with AI models, particularly generative AI (GenAI), is their lack of transparency. These models often function as ‘black boxes,’ making it difficult for enterprises to assess their performance and ensure regulatory compliance. Calvin Risk’s software, developed at ETH Zurich and launched as a spin-out company in 2022, aims to provide a solution to this problem.
By offering a digital governance framework, Calvin Risk enables enterprises to evaluate and mitigate risks associated with their AI projects. The software also facilitates automated testing throughout the development and deployment process, ensuring that companies can identify and address potential issues proactively.
The need for AI governance solutions is becoming increasingly apparent as regulators worldwide introduce stricter requirements for AI systems. In the European Union, for instance, the upcoming AI Act mandates that companies assess and document the risks associated with their AI models, with severe penalties for non-compliance.
While Calvin Risk initially focused on the financial services sector, working closely with companies like Aviva and Lloyds Banking Group, its innovative approach has garnered interest from other industries as well. Partnerships with companies like Lufthansa Industry Solutions demonstrate the company’s commitment to helping organizations across various sectors implement AI safely and responsibly.
The success of Calvin Risk’s solutions has not gone unnoticed, with accolades from organizations like Hub France IA and Risk.net. The recent funding round, led by Join Capital and Seed + Speed Ventures, further validates the company’s potential to become a key player in the AI governance space.
Looking ahead, Calvin Risk plans to use the funding to expand its business development efforts and increase its market presence, particularly in the financial services sector. With a focus on scaling the company and extending its reach to other industries, Calvin Risk is poised to shape the future of AI governance and risk management.
Investors like Tobias Schirmer from Join Capital and Alexander Kölpin from Seed + Speed Ventures are confident in Calvin Risk’s ability to make a significant impact on how organizations approach AI compliance and risk management. As the company continues to grow and evolve, it is set to become a valuable resource for companies navigating the complexities of AI adoption in a rapidly changing regulatory landscape.