Verax AI, a developer of enterprise-grade software solutions that enhance visibility and control over AI in production, has announced the successful closure of $7.6 million in seed funding. The funding round was led by TQ Ventures, with participation from Concept Ventures, Cardumen Capital, Seedcamp, InMotion Ventures, and XTX Ventures.
Addressing the Challenges of LLM-based Products
Organizations often face significant hurdles when rolling out large language model (LLM)-based products, primarily due to a lack of transparency and predictability. Issues such as factual inaccuracies, hallucinations, biases, and deviations from intended behaviors can lead to substantial financial and reputational damage. To mitigate these risks, Verax AI has launched its enterprise-grade solution, Verax Control Center, designed to provide enhanced visibility and control over LLM-based products in production, ensuring trustworthy and responsible AI use.
Founders with Proven Expertise
Verax AI was co-founded by Leonid Feinberg and Oren Gev, who collectively possess over 45 years of experience in developing enterprise-grade software solutions and scaling technology companies. Their collaboration began in 2017 at CloudEndure, a company co-founded by Feinberg, which was later acquired by Amazon Web Services (AWS). They continued their work at AWS until 2023, when they co-founded Verax AI.
Having exited stealth mode, Verax AI aims to leverage this new capital to accelerate its go-to-market strategies and boost brand awareness.
Commitment to Responsible AI
“We are excited to announce both our Seed round and the release of Verax Control Center,” stated Leonid Feinberg, Co-Founder and CEO of Verax AI. “Providing customers with increased AI trust and a new level of visibility into the behavior of their AI products is crucial for mitigating risk and fostering the widespread adoption of responsible AI. We are witnessing parallels between the challenges organizations face with AI adoption today and those encountered during the transition to the public cloud a decade ago. This positions us perfectly to assist them.”
Innovative Solutions for Production AI
While traditional Machine Learning (ML) development and operations tools focus on optimizing AI products during development and deployment, Verax AI stands out as the first solution to effectively mitigate risks once AI products are in production. Its platform provides real-time visibility into the operational use of LLM-based products, enabling auto-correction of unwanted behavior without requiring extensive configurations or manual intervention.
Industry Endorsement
“Companies of all sizes, across all industries, need to mitigate the risk of their production AI applications delivering inaccurate, offensive, or embarrassing responses,” said Schuster Tanger, Co-Managing Partner of TQ Ventures. “With years of experience in developing and deploying enterprise-grade solutions, Leo and Oren have created tools uniquely qualified to address the significant challenges these companies face.”