Learn, News | Announcements | Matilde Alves | 14 June 2023

Deeploy extends its Seed Round to EUR 2.5M

Deeploy, which monitors AI on behalf of companies in the financial and healthcare industry, has raised a total of EUR 2.5 million. The investment is used to amplify its Responsible AI platform to support any high-impact AI models, in order to assure the responsible and transparent use of AI.

Deeploy uses proprietary software to make AI explainable and transparent for companies, their customers, and regulators. AI is rapidly gaining traction: in the financial sector, for example, AI is a suitable tool for objectively assessing a credit application, detecting fraud and money laundering (AML). In theory, AI has no (unconscious) bias, unlike humans. Additionally, AI can promote transparency since financial institutions can easily justify to a loan applicant why a credit application has or has not been granted. In healthcare, AI is used to personalize treatment pathways, leading to more effective and efficient treatment for patients.

“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.”

Maarten Stolk - CEO & Co-Founder

Responsible use of AI

With the EUR 2.5 million raised, Deeploy is planning to expand its platform to follow the new requirements of the upcoming EU AI Act and to expand its team to support a European roll-out. Deeploy currently has 20 employees, half of whom work primarily on the product, and the other half focus on implementation, sales, and marketing. Customers of Deeploy include PGGM, Independer, Brand New Day, bunq, and the mental-healthcare platform NiceDay,

The lead investor in this round, SI3 Fund, sees supervision and transparency of AI as crucial conditions for the socially responsible use of AI. “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,” says Pieter Oostlander, co-founder and partner of the Shaping Impact Group (where the SI3 Fund falls under). “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”.

About the partners

Deeploy is delighted with the SI3 Fund as an investor. “We were looking for a group of investors focused on the long-term impact. The SI3 Fund can support us in our long-term strategy .” Next to the SI3 Fund, Curiosity VC – investor in Deeploy’s round in 2021 – is also participating in the round. In addition to the impact investment fund SI3 and Curiosity VC, Bonsai Partners, Emilia Capital, and Anton Loeffen, among others, are participating in the investment round.

Want to know more about the press release or do you require more information?  Feel free to contact us at info@deeploy.ml.

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