DALLAS & TEL AVIV, Israel--(BUSINESS WIRE)--Verax AI, a developer of enterprise-grade software solutions that provide visibility and control of AI in production, announced today that it secured $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 widespread commercial rollout of LLM-based products is often hindered by a lack of transparency and predictability, including such unexpected outcomes as factual errors, hallucinations, biases, or other deviations from the designed behavior. All of which can result in great financial and reputational harm to the companies that rely on them. To help its clients mitigate these risks in real-time, Verax AI also announced the launch of 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 founded by Leonid Feinberg and Oren Gev, who collectively have more than 45 years of experience developing enterprise-grade software solutions and scaling technology companies. The two first began 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 fresh capital to accelerate its go-to-market processes and increase awareness.
“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,” said Verax AI Co-Founder and CEO Leonid Feinberg. “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.”
While 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.
“Companies of all sizes, across all industries, need to mitigate the risk of their production AI applications providing inaccurate, offensive, or embarrassing answers,” said Schuster Tanger, Co-Managing Partner of TQ Ventures. “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.”
About Verax AI
Founded in 2023 by two successful serial entrepreneurs Leonid Feinberg and Oren Gev, Verax AI’s mission is to help organizations unlock the full potential of AI. It set out to provide full control and visibility over AI, remove barriers to AI adoption, and make verified, responsible and ethical AI the universal standard. Verax AI has offices in Dallas, Tel Aviv, and London. For more information, visit www.verax.ai
About TQ Ventures
Based in New York City, TQ Ventures is a venture capital firm led by Schuster Tanger and Andrew Marks. The firm is generally agnostic on industry vertical and geography, and instead is business model-driven and prioritizes partnering with extraordinary founders across the software complex (B2B and B2C) with durable competitive advantages. Across our more than 80 global investments, we believe the differentiated support and networks we provide our founders has fueled our reputation and in turn performance record. Founded in 2018, TQ has approximately $1 billion under management and is currently investing out of its third fund. For more information, visit: www.tqventures.com
