ETH Zurich Spinoff, Calvin Risk, Raised $4M to Help Orgs Adhere to the EU AI Act

Calvin Risk, a Swiss startup emerging from ETH Zurich, has secured $4 million in seed funding to address the growing need for AI governance and risk management in enterprises. The funding round, led by Join Capital and seed + speed Ventures, brings the company’s total funding to over $5 million since its inception in 2022.

Calvin Risk aims to make enterprise AI implementations safer and more transparent, providing tools to manage risks like bias, opaque decision-making, and unpredictable behavior.

AI systems, particularly generative models like ChatGPT, are increasingly central to business operations but pose significant risks when implemented without proper safeguards. As the upcoming EU AI Act introduces stringent compliance requirements, organizations face mounting pressure to assess and document AI risks proactively. Calvin Risk addresses this challenge with an automated platform offering real-time AI risk assessments, adaptive monitoring, and governance tools to quantify and mitigate risks before deployment.

"AI is becoming integral to enterprise operations, and Boards must now prioritize explicit risk management," said Julian Riebartsch, CEO and Founder of Calvin Risk. "Our platform provides actionable insights into an organization’s AI portfolio, helping businesses navigate technical, ethical, and regulatory challenges with confidence."

Over the past year, Calvin Risk has achieved significant milestones in product development and customer acquisition, partnering with global institutions such as Aviva, Lloyds Banking Group, and Generali’s HITS Innovation Garage. These collaborations validate the platform’s versatility across industries, from financial services to transportation and telecommunications.

The company also partnered with Lufthansa Industry Solutions, enabling the first GenAI model to achieve "Assessment Seal Certification" from TÜV Süd, a testament to Calvin Risk’s ability to meet stringent technical and ethical standards. This certification, pivotal as industries anticipate the EU AI Act, reflects Calvin Risk’s capacity to guarantee AI models meet rigorous technical and ethical benchmarks.

"The combination of technological excellence from academia (ETH Zurich) and in-depth industry expertise makes this startup a real help for all those companies that use and build relevant AI-based business processes," said Alexander Kölpin, Investor and Managing Partner at seed + speed Ventures.

The platform has been recognized with accolades including "Model Risk Management Product of the Year" at Risk.net's Markets Technology Awards 2024 and the title of "Top AI Risk Management Tool for Banking" by Hub France IA.

"We are thrilled to be the lead investor in Calvin Risk's seed round," commented Tobias Schirmer, Founding Partner at Join Capital. "Their innovative approach, combined with a strong team and a clear vision, positions them to become a vital resource for organizations navigating the complexities of AI compliance and risk management. We believe Calvin Risk will play a pivotal role in shaping the future of AI governance and are excited to support their journey."