Spotted: Artificial Intelligence (AI) is poised to solve some of the world’s major challenges. Yet, at the same time, the use of AI also poses novel risks for organisations, particularly in the lack of governance, risk management, and compliance frameworks around AI systems. Swiss startup Calvin Risk is ready to offer solutions that can help organisations turn knowledge of their AI risks into a competitive advantage.
Calvin Risk was spun off from ETH Zurich earlier this year. It has developed Calvin, a risk and auditing management platform designed to help developers overcome the lack of human accountability in commercial AI algorithms. Calvin includes auditing tools that allow companies to continuously monitor AI projects for ethical and regulatory implications.
The startup points out that while improving AI models can mitigate risks, these reports often lack the specificity necessary to translate these implications into tangible business outcomes. Calvin Risk hopes to bridge this gap by providing clear insights into the direct implications of AI on business operations, enabling companies to make informed decisions that align with their strategic objectives.
Initially, Calvin Risk is targeting the insurance, pharmaceuticals, and tech industries, which are all major users of AI, and the company already raised $1.5 million (around €1.36 million) in a pre-seed round at the end of last year. In the future, Calvin Risk will work to accommodate emerging AI technologies and adapt the platform to take into account the evolving regulatory landscape (such as the European Union’s AI Act), as well as wider integration capabilities with other AI development tools.
While Calvin Risk is devoted to managing the risk of AI use, Springwise has spotted many other innovative applications of AI in the archive. Some recent AI innovations include a platform that plugs the environmental data gap in Africa and an AI-powered management hub for sustainability data.
Written By: Lisa Magloff