– The EU and other countries are exploring regulations for AI technology, creating an opportunity for startups.
– Citrusx, an Israeli startup, has secured a $4.5 million seed investment to develop a software service for compliance with internal and government rules.
– The company aims to speed up the process of taking AI models to production, as it can currently take six to nine months.
– The tool ensures that AI models are still relevant with updated data, can be explained to stakeholders and regulators, and can be trusted.
– Citrusx was founded by Noa Srebrnik, who saw a need for compliance tools while working at the Bank of Israel.
– The company is agnostic and can adapt to different AI models, including generative AI like ChatGPT.
– The startup currently has a dozen employees and emphasizes building a diverse workforce.
– The $4.5 million seed investment was led by Canadian venture firm Awz with participation from angel investors.
Every day we seem to hear another news story about some government entity exploring how to regulate AI. Just last week, the EU finalized a new set of rules, but they are far from alone as other countries look to control the growth of the technology. With a broad set of rules looming, it represents an opportunity for startups.
Today, Citrusx, an early stage startup out of Israel emerged with a $4.5 million seed investment to build a software service to help companies stay in compliance, whether with internal company rules or broader government regulations.
“The need for AI is tremendous, and companies put a lot of effort into it, but there is a big bottleneck in taking those models to production,” company co-founder and CEO Noa Srebrnik said. Sometimes it can take six to nine months to take a model to production and become a real service and product, and she wanted to build a product to speed that up.
“So in order to really work properly with those AI models, as we worked with the regular programming, we needed a product that helped us to make sure the models are working properly and to make sure that we can trust and be accountable to those models in order to take them to production,” she said.
That means ensuring they are still relevant with updated data and that the model creators can explain to internal stakeholders and to regulators how the model works and that people can trust the results.
Srebrnik started the company after running compliance at the Bank of Israel, and seeing a need across business for a tool that can ensure a model is in compliance with regulations. With the growing popularity of generative AI, that need has only become more pronounced. That means when new approaches like ChatGPT come along, the tool is flexible enough to adapt to these changes. “We decided to create Citrusx in a very agnostic way so that we can really compare different models without the need to change the technique for each and every scenario,” she said.
Srebrnik launched the company in 2021 with CTO Gilad Manor. Today, it has a dozen employees. She believes that it’s important as a woman CEO to show employees, whether women or people from other underrepresented groups, that she cares about building a diverse workforce.
“I’m trying to be in all the calls of all the employees, in order for them to show them there is a woman CEO, that it’s important for me to speak with them and to make them feel comfortable,” she said.
Today’s $4.5 million seed investment was led by Canadian venture firm Awz with participation from several angel investors.
AI Eclipse TLDR:
Citrusx, an early stage startup based in Israel, has secured a $4.5 million seed investment to develop a software service that helps companies comply with internal and government regulations regarding artificial intelligence (AI). The company aims to address the bottleneck that occurs when taking AI models into production, which can often take six to nine months. Citrusx’s product will ensure that AI models remain relevant with updated data and can be trusted by both internal stakeholders and regulators. The startup was founded in 2021 by Noa Srebrnik, who previously worked in compliance at the Bank of Israel. Srebrnik aims to build a diverse workforce and believes it is important as a woman CEO to be present in all employee calls. The seed investment was led by Canadian venture firm Awz, with participation from angel investors.