Belfast-based start-up Enzai has raised $4 million (€3.73 million) in a seed €funding round to further develop its artificial intelligence governance platform.
The company’s software is designed to help organisations understand and manage the risks of AI and also meet regulatory obligations.
The round was led by Berlin-based Cavalry Ventures, with some participation from Seedcamp and existing pre-seed investor Techstart Ventures.
A number of angel investors backed the round, including Indeed.com founder Paul Forster, Clifford Chance tech group co-head Jonathan Kewley, Sylvera cofounder Sam Gill and Fleet founder Alexandre Berriche.
“We founded Enzai with a clear vision: to empower organisations to harness the incredible potential of AI, while minimising the risks involved,” said Ryan Donnelly, co-founder of Enzai.
Founded in 2021, Enzai is based at Belfast’s Ormeau Baths. Using the platform, organisations can build up an inventory of their AI, apply policies and procedures to it, and then measure compliance.
A new feature, Controls, allows cross-functional teams to collaborate and conduct assessments of AI systems. The company is now hiring, with plans to build its development team.
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“By centralising AI governance within a platform, organisations can harness the power of technology to navigate intricate regulatory requirements, adapt swiftly to changes, and ultimately foster a culture of responsible and accountable AI usage,” said Claude Ritter, managing partner at Cavalry Venture.
“This approach not only minimises potential legal and reputational pitfalls but also increases the benefits of AI-driven innovation in a controlled and sustainable manner.”
