QuantPi has just announced the raise of €2.5 million for its Responsible AI platform. The German startup is building a more ethically conscious application of AI as it pioneers an emerging market.
The use of Artificial intelligence is now firmly rooted in our society and embedded across industries. AI is streamlining and transforming businesses and processes across the world, but it’s really only the beginning of this powerful tech and the scope for what it can achieve is rather mind-boggling. However, with great power comes great responsibility. And while AI has great potential, it needs to be harnessed and used correctly, in order to prevent significant financial, physical and emotional harm.
While AI disrupts the world, a new market has emerged in order to encourage application of the tech that is responsible, ethical and paves the way for a safe and self-determined coexistence of people and machines. Early market-player, QuantPi, is marking itself as a leader in this new field and has just picked up new capital.
QuantPi co-founder and CEO Philipp Adamidis: “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.”
Today, the German startup has announced a fresh €2.5 million pre-seed round to scale its platform.
The startup, founded in 2020 after about 7 years of research, was developed by leading mathematicians, computer scientists and business minds as a spin-off of the renowned CISPA – Helmholtz Center for Information Security and Saarland University.
This funding round was led by Capnamic with the participation of First Momentum as well as leading angels and industry experts such as AngelList Founder Ash Fontana who wrote “The AI-First Company”, Ex Codecentric CEO Mirko Novaovic and other top-tier business angels.
Towards a responsible future for AI
The adoption of AI across virtually all industries is indisputable right now, and it’s really only the beginning of a lucrative trend. In 2021, global yearly investments surpassed €59 billion and it’s expected to hit an incredible €420 billion + by 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 harm.
AI has already been responsible for doing harm, and as its adoption continues to evolve, the risk also grows greater. There are plenty of incidents we could point to, but the 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, highlight some of the dangers.
These problematic elements of AI have not only been recognized by industry leaders, but also by government initiatives to regulate and standardize the tech. The EU for example developed an Artificial Intelligence Act (AIA) which will fine companies who cannot explain the decisions taken by their AI systems.
German startup QuantPi wants to help bring about a responsible and ethically-developed future for AI, making the tech safer for society as a whole – harnessing its power and mitigating its danger.
The innovative company are using researched-backed technologies delivered via its platform in order to develop efficient, secure and compliant AI-based 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 artefacts and metrics about AI systems within the most important risk and auditing dimensions.
Olaf Jacobi, Managing Partner at Capnamic: “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.”
The potential for impact that QuantPi can have can’t really be understated. As our world becomes more and more AI-driven, we need innovative tech like this to make sure we are protected and tech is harnessed in a safe and responsible way.