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At Concept, we have been excited by the potential of various AI-first businesses (Elevenlabs, Anam, Gendo, Captur) and in a similar vein, we’re thrilled to announce Verax’s $7.6m seed round.
Verax is on a mission to give businesses complete control and visibility over adopting AI tooling within their organisations - providing comfort to internal teams around data leakage and hallucinations that can be alleviated through implementing the product.
The funding saw participation from existing and new investors, Cardumen Capital, Seedcamp, InMotion Ventures, and XTX Ventures.
Verax was founded in late 2023 by two successful serial entrepreneurs, Leonid Feinberg and Oren Gev.
At Concept, founders are everything to us and are 80% of our decision making process when assessing opportunities. With Leo and Oren, we saw a team that demonstrated exceptionalism throughout their careers and personal lives, coupled with a deeply trusting relationship through years of collective company building.
Originally from Israel, Leonid boasts an exceptional track record as a tech entrepreneur and leader, notably co-founding CloudEndure, a cloud migration startup acquired by AWS for a reported $250m. At AWS, he held four years of product and strategy roles and worked closely with Oren there. He was also a technical co-founder of AcceloWeb (acquired by Limelight Networks) and worked in R&D leadership at Limelight Networks. His formative years were spent building critical tech in Israel's Unit 8200, specialising in tech product development and engineering leadership.
Oren initially worked with Leonid at CloudEndure, where he led systems engineering before leading software development at AWS (post-acquisition), focusing on disaster recovery and migration technologies. He has strong technical and managerial expertise, with a unique foundation in DevOps and project management from over eight years in Israel's IDF Mamram division.
We’re excited to be partnering with Leo and Oren as they translate their expertise from cloud disaster recovery to AI safety, a shift that enterprises are beginning to demand.
When it comes to AI adoption, most large organisations are either at the cusp of doing so or too nervous to begin. An organisation’s widespread commercial rollout of LLM-based products is often hindered by a lack of transparency and predictability, with ‘black-box’ features for the large part.
All of this can result in significant financial and reputational harm to the companies that rely on them, potentially damaging customer relations or worse. Such unexpected outcomes could be factual errors, hallucinations, biases, or other deviations from the designed behaviour.
To help its clients mitigate these risks in real-time, Verax has built a product designed to provide visibility and control of LLM-based products in production, enabling trustworthy and responsible AI.
Verax ensures data security and controls how models can be used and behave in production. This is a major concern for many business leaders and CEOs who are implementing the current set of tools on the market.
While traditional Machine Learning (ML) Dev tools and Ops tools help optimise AI products at development and deployment times, Verax AI is the first to successfully mitigate risks once these AI products are moved to production.
Having exited stealth mode, Verax 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 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 organisations face 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.”
For more information or to book a demo with the team, head to: www.verax.ai and follow their journey on LinkedIn: https://www.linkedin.com/company/verax-ai/.
