Verax AI, a developer of enterprise-grade software solutions that offer visibility and control of AI in production, announced that it raised $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 commercial rollout of LLM-based products is often hindered by a lack of transparency and predictability, such as unexpected outcomes like factual errors, hallucinations, biases, or other deviations from the designed behavior. All of which can result in significant financial and reputational harm to the companies that rely on them. To help its clients mitigate these risks in real time,
Verax AI also launched 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 launched by Leonid Feinberg and Oren Gev, who collectively have more than 45 years of experience developing enterprise-grade software solutions and scaling technology companies. And the two first started 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 new funding round to accelerate its go-to-market processes and increase awareness. Even though 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.
KEY QUOTES:
“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. 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.”
– Verax AI Co-Founder and CEO Leonid Feinberg
“Companies of all sizes, across all industries, need to mitigate the risk of their production AI applications providing inaccurate, offensive, or embarrassing answers. 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.”
– Schuster Tanger, Co-Managing Partner of TQ Ventures
