Washington, DC - Trustible™, a software company that helps organizations accelerate Responsible AI governance to maximize trust and manage risk, has announced today it has come out of stealth and raised $1.6M in an oversubscribed first institutional round.
As artificial intelligence technology accelerates and continues to permeate industries worldwide, concerns regarding its ethical and responsible deployment are becoming paramount. With a mission of maximizing trust, managing regulatory and reputational risks, and offering transparency in AI applications, Trustible empowers organizations to confidently adopt AI technologies in a rapidly evolving regulatory environment.
The company was founded by Gerald Kierce and Andrew Gamino-Cheong, former early employees and executives at FiscalNote (NYSE: NOTE), a leading AI-driven enterprise SaaS technology provider of global policy and market intelligence. The pair had spent nearly a decade applying AI to the policy landscape and are now applying global policy to the AI space. FiscalNote was recently selected as one of OpenAI’s first plugin partners for ChatGPT.
Trustible raised a $1.6M pre-seed round led by Harlem Capital, with participation from VamosVentures, as well as angel investors including Julius Genachowski (Managing Director at Carlyle, former Chair of the Federal Communications Commission), Tim Hwang and Gerald Yao (FiscalNote Co-Founders), Jim Hunt (Managing Partner at Lavrock Ventures, former Ernst & Young Technologies CEO, Capgemini Technologies President), Joe Zhao (Millennia Capital, former Federal Reserve), and Neal Parikh (Columbia University, former Director of AI for the City of New York), among other strategic angel investors.
The recent financing is enabling Trustible to scale its team, accelerate growth, and further develop its product, designed to help customers seamlessly adopt Responsible AI industry standards, such as NIST’s AI Risk Management Framework, and comply with emerging regulations, including the European Union’s AI Act.
“The Trustible team has strong experience scaling technology companies at the intersection of AI and policy,” says Henri Pierre-Jacques, Managing Partner at Harlem Capital. “We’re thrilled to support Trustible as they become leaders in the Responsible AI Governance space to help organizations comply with a complex and evolving global regulatory landscape.”
According to a recent Accenture report, 77% of enterprises surveyed have made future AI regulation a top company-wide priority, while only 6% have established Responsible AI governance capabilities. Trustible's platform aims to fill this gap by facilitating the responsible scaling of AI initiatives and creating opportunities for competitive differentiation. The report also indicates that over 80% of organizations intend to allocate at least 10% of their total AI budget to meet regulatory requirements by 2024.
"Societal trust in AI is critical in ensuring the technology is benefiting humanity, particularly with the advent of Generative AI," says Gerald Kierce, Co-Founder & CEO of Trustible. "We're thrilled to launch Trustible to enable legal and AI/ML teams to foster transparency, accountability, and trust in their AI systems.”
The company is collaborating with a select group of pilot customers spanning the technology, financial services, and healthcare sectors. Ivan Caballero, CEO of Citibeats, highlighted his enthusiasm to partner with Trustible as a customer to accelerate their company's Responsible AI governance initiative and proactively adhere to the EU AI Act. He added:
"As ethical and regulatory challenges arise with the use of AI, Trustible will play a crucial role in establishing trust and managing the risks associated with AI innovations".
“We are delighted to welcome Trustible as a Member of the Responsible AI Institute,” says Ashley Casovan, Executive Director of the RAI Institute. “Trustible will become a key technology provider for organizations looking to map, govern, manage, and measure their AI governance priorities.”
Trustible is headquartered in the Washington DC area. To learn more about the company, please visit www.trustible.ai