Artificial Intelligence (AI) has become an integral part of many businesses, but concerns about its reliability and potential risks have hindered widespread adoption. However, a new company called Armilla AI is aiming to address these concerns by providing warranties for AI models to corporate customers.
Key Takeaway
Armilla AI is pioneering the concept of warranties for AI models, providing a unique solution to boost corporate confidence in the adoption of third-party AI technology.
Addressing AI Failures
A recent survey from MIT Sloan Management Review and Boston Consulting Group revealed that over 55% of AI-related failures in organizations can be attributed to third-party AI tools. These failures include issues such as generating inaccurate information, exhibiting bias, and violating copyright rules.
Introducing Armilla AI
Recognizing the need for trust and risk quantification in the AI industry, entrepreneur and electrical engineer Karthik Ramakrishnan, along with search algorithm expert Dan Adamson, co-founded Armilla AI. The company’s unique approach involves conducting assessments to verify the quality of AI models and providing warranties to back them.
How Armilla AI Works
Armilla AI evaluates AI models for factors such as bias, fairness, robustness, and security across various applications and use cases. If a model passes the assessment, Armilla AI provides a warranty that reimburses the buyer for any fees paid to use the model, offering enterprises confidence in the technology they procure from third-party AI vendors.
Unique Approach and Growth
While other companies offer insurance products and protections for AI, Armilla AI claims that its assessment process covers a wide range of areas and is conducted at a fraction of the cost and time. Backed by carriers Swiss Re, Greenlight Re, and Chaucer, Armilla AI has already gained traction, with a growing client base and plans to expand its warranty offering and introduce new products.
