# Armilla AI

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/armilla-ai

- Industry: Insurance
- Headquarters: Toronto, Canada
- Website: www.armilla.ai/
- Total disclosed funding: $4.8M
- Latest round: Seed (Feb 15, 2024)
- Investors on record: 10

## About

Founded in 2020 and based in Toronto, ON, Canada, Armilla AI Inc. operates a governance platform that allows businesses to prevent faulty AI and its consequences. In February 2024, Armilla AI raised CAD 4.5 million in seed funding led by Mistral Venture Partners, with participation from Greenlight Re Innovations, Chaucer Holdings, MS&AD Ventures, SixThirty, Y Combinator and Morgan Creek Capital Management.

The company specializes in AI verification and warranties, offering solutions to ensure the safety and trustworthiness of AI models. The firm’s technology assesses AI performance and reliability through automated testing and model risk assessments. Armilla provides vendors with tools to build confidence in their AI products and offers warranties to recoup investments if models fail. For enterprises, the company’s services include third-party risk management and detailed assessments covering performance, security, and bias.

The company will use the February 2024 funding to develop its Armilla Guaranteed™ service, expand warranty offerings and introduce new products.

## Funding rounds

- Seed, Feb 15, 2024, $3.3M — Morgan Creek Capital Management, Chaucer Holdings, Y Combinator, SixThirty, Mistral Venture Partners, Greenlight Re Innovations, MS&AD Ventures
- Seed, Oct 21, 2021, $1.5M — Two Small Fish Ventures, C2 Ventures, Spearhead Capital Advisors

## Investors

- Two Small Fish Ventures (https://capitalatlas.ai/funds/two-small-fish-ventures) — Seed
- C2 Ventures (https://capitalatlas.ai/funds/c2-ventures) — Seed
- Spearhead Capital Advisors — Seed
- Morgan Creek Capital Management — Seed
- Chaucer Holdings — Seed
- Y Combinator (https://capitalatlas.ai/funds/y-combinator) — Seed
- SixThirty (https://capitalatlas.ai/funds/sixthirty) — Seed
- Mistral Venture Partners (https://capitalatlas.ai/funds/mistral-venture-partners) — Seed
- Greenlight Re Innovations — Seed
- MS&AD Ventures (https://capitalatlas.ai/funds/ms-ad-ventures) — Seed