Funding Round attributes
Calvin Risk, a Swiss startup specializing in AI safety and compliance, has secured $4 million in Seed funding, bringing its total funding to over $5.5 million. The investment round was led by Join Capital and seed + speed Ventures. Founded in 2022 as a spin-off from ETH Zurich, the company focuses on assisting organizations in deploying AI systems responsibly by providing automated testing and quantitative risk assessments.
The increasing integration of AI into business operations has introduced complexities, particularly due to the opaque nature of many AI models, often referred to as "black boxes." This opacity can lead to unintended consequences, posing risks to both operations and reputations. The forthcoming EU AI Act is set to impose stringent requirements on AI systems, mandating comprehensive risk assessments and documentation, with significant penalties for non-compliance.
In response to these challenges, Calvin Risk has developed a platform that offers adaptive assessments and continuous monitoring, providing organizations with real-time insights into their AI portfolios. The platform predicts potential risks, both qualitatively and quantitatively, and assesses their associated value-at-risk.
Julian Riebartsch, CEO and Founder of Calvin Risk, emphasized the importance of integrating AI risk management into corporate governance: "With AI systems becoming central to operations, proper corporate governance must now include explicit AI risk management at the Board level."
Calvin Risk has established partnerships with several global institutions, including insurer Aviva and Lloyds Banking Group. These collaborations aim to enhance the safety and compliance of AI deployments within these organizations.
The $4 million Seed funding will be utilized to further develop Calvin Risk's platform, expand its team, and strengthen its market presence. The company is committed to enabling organizations to navigate the complexities of AI deployment, ensuring that AI systems are both safe and compliant with emerging regulations.
