According to a report from McKinsey released last year, generative AI is expected to have its biggest impact on sales, marketing, consumer operations, software development, and R&D sectors. It could add an estimated $4.4 trillion annually to the global economy.
What is The News About?
WitnessAI provides public and private LLMs with security and governance safeguards to ensure enterprise AI’s effective and secure use. A $27.5 million Series A round, co-led by GV and Ballistic Ventures, has been announced by WitnessAI, the creator of the first enabling platform for safe AI use. Before this, commencing in 2023, Ballistic Ventures served as the company’s incubator.
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Why Is It Important?
To enable the safe and successful deployment of AI within the company, WitnessAI overcomes these concerns. Protecting company data, customers, and employees from AI usage is one of the many features of the WitnessAI Secure AI Enablement Platform. Other features include the ability to observe AI use, enforce policies on AI use, and govern its use. With over 20 design partners in several industries, the business is gearing up for early deployments in June 2024. To guarantee data privacy and regulatory isolation, WitnessAI is deployed as an isolated, cloud-based instance for every customer. Each instance is encrypted with its key. With millisecond latency and zero installation required on user devices, the platform intercepts activity between users and LLMs, applies control policies, and guarantees data protection and user safety. Incorporating cutting-edge machine learning methods with enterprise-scale web service deployment and offensive and defensive AI security measures is essential for this goal’s realization. New artificial intelligence safeguards will be developed more quickly and a worldwide sales and support organization will be established with the help of the funds.
Industry Comments
Rick Caccia, the CEO of WitnessAI, mentioned that creating a safe AI platform for large enterprises requires a specialized team with AI, machine learning, cybersecurity, and large-scale platform deployment skills. He added that they have developed a solution that works well in tough environments, including global organizations and multiple clouds, and that the feedback from CISOs has been very positive. Karim Faris, a General Partner at GV, stated that most enterprises are just starting their AI journey and that the need for oversight and control of AI usage will increase. He expressed GV’s excitement about partnering with WitnessAI to help make AI safe for enterprises.
Barmak Meftah, Co-founder and General Partner of Ballistic Ventures, said that WitnessAI will help enterprises of all sizes use AI safely and effectively. He noted that major technological shifts create opportunities for new platforms, and WitnessAI is building such a platform for enterprise AI. He also mentioned that Ballistic Ventures is proud to have supported the company from the beginning.
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