Calvin Risk raises $4M to enhance AI safety and compliance

Swiss AI safety startup Calvin Risk has raised $4 million in Seed funding, bringing its total funding to over $5.5 million.

Founded in 2022 and spun out of ETH Zurich, Calvin Risk helps companies deploy AI safely and manage these risks through automated testing and quantitative risk assessment.

AI models often function as "black boxes", making it difficult to understand how decisions are made or whether underlying biases influence outcomes. 

For companies, this opacity can lead to unintended consequences that threaten both their operations and reputations – especially as generative AI systems like ChatGPT increasingly power customer interactions. 

Further, the upcoming EU AI Act introduces strict requirements for AI systems, mandating that companies assess and document the risks of their AI models with severe penalties for non-compliance. 

Calvin Risk has developed a platform that uses adaptive assessments and continuous monitoring to provide a real-time overview of a company's entire AI portfolio, predicting potential risks (qualitatively and quantitatively) and their associated value-at-risk.

“With AI systems becoming central to operations, proper corporate governance must now include explicit AI risk management at the Board level,” commented Julian Riebartsch, CEO and Founder of Calvin Risk. 

Calvin Risk has secured partnerships with leading global institutions, including insurer Aviva, Lloyds Banking Group, Hub France, and the Audit Research Center (ARC Institute). 

The company is collaborating with Lufthansa Industry Solutions, resulting in the first GenAI model to earn an "Assessment Seal Certification" from leading certification company TÜV Süd. This certification guarantees AI models meet rigorous technical and ethical benchmarks.

 The investment round was led by Join Capital and seed + speed Ventures. The funds will enable Calvin Risk to scale its platform, enhance its AI risk assessment tools, and expand its market reach across Europe.

Lead image: Calvin Risk. Photo: uncredited.