▾ G11 Media Network: | ChannelCity | ImpresaCity | SecurityOpenLab | Italian Channel Awards | Italian Project Awards | Italian Security Awards | ...
InnovationOpenLab

Verax AI Raises $7.6 million in Seed Funding Led by TQ Ventures

Verax AI, a developer of enterprise-grade software solutions that provide visibility and control of AI in production, announced today that it secured $7.6 million in seed funding led by TQ Ventures wi...

Business Wire

Unveils Verax Control Center, Enterprise-Grade Product Enabling Trustworthy and Responsible AI

DALLAS & TEL AVIV, Israel: Verax AI, a developer of enterprise-grade software solutions that provide visibility and control of AI in production, announced today that it secured $7.6 million in seed funding led by TQ Ventures with participation from Concept Ventures, Cardumen Capital, Seedcamp, InMotion Ventures, and XTX Ventures.

An organization’s widespread commercial rollout of LLM-based products is often hindered by a lack of transparency and predictability, including such unexpected outcomes as factual errors, hallucinations, biases, or other deviations from the designed behavior. All of which can result in great financial and reputational harm to the companies that rely on them. To help its clients mitigate these risks in real-time, Verax AI also announced the launch of its enterprise-grade software solution, Verax Control Center. The state-of-the-art solution is designed to provide visibility and control of LLM-based products in production, enabling trustworthy and responsible AI.

Verax AI was founded by Leonid Feinberg and Oren Gev, who collectively have more than 45 years of experience developing enterprise-grade software solutions and scaling technology companies. The two first began working together in 2017 at CloudEndure, a company co-founded by Feinberg and where he was the VP of Product, which was later acquired by Amazon Web Services (AWS). The two continued working together at AWS until 2023 when they co-founded Verax AI together.

Having exited stealth mode, the company plans to use this fresh capital to accelerate its go-to-market processes and increase awareness.

“We are excited to be able to simultaneously announce our Seed round and the release of Verax Control Center. Providing customers with increased AI trust, and a new level of visibility into how their AI products behave is a crucial step in protecting against risk and facilitating the widespread adoption of responsible AI,” said Verax AI Co-Founder and CEO Leonid Feinberg. “We’re seeing many parallels between the challenges organizations are facing when adopting AI today and the ones they faced adopting the public cloud a decade ago. As a result, we are perfectly positioned to help them.”

While traditional Machine Learning (ML) Dev tools and Ops tools help optimize AI products at development and deployment times, Verax AI is the first to successfully mitigate risks once these AI products are moved to production. Its solutions provide visibility into the production use of LLM-based products outside the lab and auto-correction of unwanted behavior in real-time without time-consuming configurations or human work.

“Companies of all sizes, across all industries, need to mitigate the risk of their production AI applications providing inaccurate, offensive, or embarrassing answers,” said Schuster Tanger, Co-Managing Partner of TQ Ventures. “Successful entrepreneurs with years of experience developing and deploying enterprise-grade solutions, Leo and Oren have developed solutions that are uniquely qualified to meet the significant challenges faced by these companies.”

About Verax AI

Founded in 2023 by two successful serial entrepreneurs Leonid Feinberg and Oren Gev, Verax AI’s mission is to help organizations unlock the full potential of AI. It set out to provide full control and visibility over AI, remove barriers to AI adoption, and make verified, responsible and ethical AI the universal standard. Verax AI has offices in Dallas, Tel Aviv, and London. For more information, visit www.verax.ai

About TQ Ventures

Based in New York City, TQ Ventures is a venture capital firm led by Schuster Tanger and Andrew Marks. The firm is generally agnostic on industry vertical and geography, and instead is business model-driven and prioritizes partnering with extraordinary founders across the software complex (B2B and B2C) with durable competitive advantages. Across our more than 80 global investments, we believe the differentiated support and networks we provide our founders has fueled our reputation and in turn performance record. Founded in 2018, TQ has approximately $1 billion under management and is currently investing out of its third fund. For more information, visit: www.tqventures.com

Fonte: Business Wire

If you liked this article and want to stay up to date with news from InnovationOpenLab.com subscribe to ours Free newsletter.

Related news

Last News

Sparkle and Telsy test Quantum Key Distribution in practice

Successfully completing a Proof of Concept implementation in Athens, the two Italian companies prove that QKD can be easily implemented also in pre-existing…

Dronus gets a strategic investment by Eni Next

Eni's VC company invest in the Italian drone company to develop new solutions for industrial plants monitoring

Technology Reply wins the 2024 Oracle Partner Awards - Europe South Innovation

Oracle recognizes Technology Reply’s ability to develop and deliver pioneering solutions through partnering with Oracle

25 Italian Startups Will Be Present at Expand North Star 2024

Scheduled for October, the world's largest startup event will bring together more than 2,000 exhibitors in Dubai, UAE

Most read

24 Promising Korean Tech Companies at TechCrunch Disrupt 2024

TechCrunch Disrupt 2024 will feature cutting-edge technology from 24 tech startups from South Korea. The Korea Pavilion is presented by Korea Trade-Investment…

Audit & Beyond Hosts Record Number of Attendees, Includes Launch of Powerful…

2024 AUDIT & BEYOND CONFERENCE — AuditBoard, the leading cloud-based platform transforming audit, risk, compliance, and ESG management, wrapped up…

University of Phoenix Launches New Career-Focused Skill Pathways in Practical…

In response to the growing demand for AI skills in the workforce, University of Phoenix is excited to announce the launch of new career-focused skill…

$16.4 Billion AI in Wound Care Market Industry Trends and Global Forecasts,…

The "AI in Wound Care Market Industry Trends and Global Forecasts to 2035: Distribution by Type of Wound, Type of Acute Wound, Type of Chronic Wound,…

Newsletter signup

Join our mailing list to get weekly updates delivered to your inbox.

Sign me up!