Deeploy, a Dutch company with a mission to make AI explainable, accountable, and trustworthy, has announced an impressive financial boost.
The firm has successfully secured €2.5m in a seed funding round. The investment was spearheaded by SI3 Fund, with contributions from Curiosity VC, Bonsai Partners, Emilia Capital, and Anton Loeffen.
Deeploy is carving out a unique niche in the market by developing an ‘Explainable AI’ (XAI) platform. This software is designed to make Artificial Intelligence (AI) transparent and comprehensible for businesses, their customers, and regulators. By placing XAI at the heart of MLOps, Deeploy is striving to make machine learning deployments accountable.
Deeploy has detailed plans to utilise this new influx of funding to enhance its ‘Responsible AI’ platform. The focus will be on enabling high-impact AI models, thereby promoting responsible and transparent use of AI. It will also aid in the growth of the team to facilitate a European roll-out of the product.
The SI3 Fund, which is part of the Shaping Impact Group, sees this transparent and accountable approach to AI as a critical prerequisite for the socially responsible use of AI. This was clearly articulated by Pieter Oostlander, co-founder and partner of the Shaping Impact Group.
Shaping Impact Group co-founder and partner Pieter Oostlander said, “With the arrival of AI applications such as the latest version of ChatGPT, we see that the need for explainability and transparency is becoming increasingly loud in society. Because AI learns from human input, human biases can potentially be reproduced. If that happens, AI can increase inequality in society. Especially when victims are fobbed off with just the message: the computer says no.”
Deeploy was founded in 2020 by Bastiaan van de Rakt, Tim Kleinloog, Maarten Stolk, and Nick Jetten. Co-founder Stolk emphasises the importance of their work in the rapidly evolving AI landscape.
Deeploy co-founder Maarten Stolk said, “AI applications are dynamic and often self-learning, which yields the risk of becoming black boxes to end users. It’s crucial to keep an eye on the development of AI, as well as keeping AI-driven business operations explainable with the help of so-called explainability methods, for example towards customers or in the context of compliance.”
As it stands, this seed round represents the only investment explicitly mentioned that the company has raised.
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