- QuantPi, the leading development platform for Responsible AI has announced the successful closing of their pre-seed funding round.
- The 7-digit funding round is led by Capnamic with participation of First Momentum, such as AngelList Founder Ash Fontana who wrote “The AI-First Company”, Ex Codecentric CEO Mirko Novaovic and other top tier business angels.
- The €2.5M investment backs QuantPi in expanding its team and starting the commercialization of its platform with a focus on highly sensitive/mission-critical use cases in financial services, healthcare, and autonomous driving.
QuantPi, the leading technology-provider for Responsible AI, announced that it has secured 7-digits in pre-seed funding. The financing from top investors, leading angels and industry experts signals QuantPi’s strong position as a first-mover in a highly relevant, massively growing but still emerging market.
QuantPi’s general hypothesis is as simple as powerful: The indispensable AI transformation of nearly every industry has just started. Global yearly investments in AI surpass $US 59Bn in 2021 and are expected to reach $US 422Bn in 2028. Modern AI algorithms are considered a century invention that will change the way we live – yet companies need to learn how to handle them correctly in order to avoid significant financial and physical harm as seen in the past: Whether it’s credit card which has been investigated for discriminating against women, a chatbot that reportedly made racist tweets, or an autopilot that was reported to cause crashes, there are plenty of of recent AI incidents. Hundreds of examples can be found in the AI incident databases.
This has not only been recognized by industry leaders (more than 90% of executives plan to invest in Responsible AI but also by hundreds of initiatives to regulate and standardize AI, with its most prominent and impactful example: the European Union’s Artificial Intelligence Act (AIA). One of the consequences of the AIA is that companies who cannot explain the decisions made by their AI will be fined up to 6% of yearly global revenues. QuantPi addresses this market opportunity by closing the gap using researched backed technologies delivered via its platform in order to develop efficient, secure and compliant AI-based products.
QuantPi takes care of eliminating uncertainty in building trustworthy AI products
Using QuantPi’s platform, enterprises can ensure that legal, commercial, ethical, and reputational risks related to their AI solutions are identified, assessed, and mitigated. The platform can be seamlessly integrated with modern ML and BI tools. It collects artifacts and metrics about AI systems within the most important risk and auditing dimensions.
Following a research period of nearly 7 years, QuantPi was founded in 2020 by leading mathematicians, computer scientists and business minds as a spin-off of the renowned CISPA – Helmholtz Center for Information Security and Saarland University. Having started with the intrinsc motivation of making black-box AI understandable to non-machine learners through eXplainable AI (XAI), the technology quickly developed to a holistic platform to make AI safer and more understandable to the different stakeholders in society, research and business.
“At QuantPi, we are convinced that intelligent systems can be beneficial to humanity. However, we believe that certain people and technologies are needed to enable this positive coexistence. Our state-of-the-art Responsible AI platform places us on a strong trajectory to make our vision a reality: enabling society for a safe & self-determined co-existence with intelligent machines.” says QuantPi co-founder and CEO Philipp Adamidis.
“QuantPi is tackling one of society’s big challenges of the 21st century. We are delighted to be backing this world-class team in mitigating the risks of the AI transformation that lies ahead of all of us. Years of research have led to QuantPi’s position at the forefront of rendering AI to be transparent and fair.” says Olaf Jacobi, Managing Partner at Capnamic.