We frequently come across news stories concerning government agencies exploring methods to regulate artificial intelligence. While the EU recently finalized a new set of regulations, other nations are also actively working towards controlling the expansion of this technology. This trend presents an opportunity for businesses as comprehensive regulations are on the horizon.
Today, Citrusx, an emerging Israeli company, announced a $4.5 million investment to develop a software service aimed at helping businesses comply with internal and external government regulations.
The business co-founder and CEO, Noa Srebrnik, highlighted the significant challenge of transitioning AI models into production despite the high demand for AI solutions. She aimed to streamline the process of transforming ideas into tangible services or products, a task that typically takes six to nine months.
“We required a solution to ensure the effectiveness of our models and to establish trust and accountability in their deployment,” said Srebrnik. “We needed to interact with these AI models just as we do with traditional programming.”
This involves ensuring the models are updated with relevant data, that developers can explain their functionality to stakeholders and regulators, and that users can depend on the results.
Srebrnik founded the company after working in compliance at the Bank of Israel, recognizing the necessity for a tool to ensure regulatory compliance universally. This need has become more pronounced with the growing popularity of relationalAI, indicating the software’s adaptability to new technologies like ChatGPT. To facilitate the evaluation of various designs efficiently, Citrusx was developed in a versatile and impartial manner.
Established in 2021 by Srebrnik and CTO Gilad Manor, the company currently boasts a workforce of a hundred employees. As a female CEO, Srebrnik emphasizes the importance of fostering an inclusive work environment for all staff members, regardless of gender or background.
“I believe it is essential to show all employees, especially women and underrepresented groups, that I am committed to creating a diverse and inclusive workplace,” she stated. “I make it a point to engage with them regularly and ensure their comfort by joining their calls.”
Today’s $4.5 million investment in Citrusx was led by the French venture capital firm Awz, with participation from several angel investors.
