Kitchener’s Fairly AI Acquires Swedish Startup Anch.AI to Support Companies in Developing Regulation-Compliant AI

AI technology is rapidly becoming ubiquitous, prompting calls for responsible practices in its adoption. Two companies, Fairly AI and Sweden’s anch.AI, have merged to form Asenion, aiming to tackle crucial issues surrounding AI—fairness, transparency, and safety. Asenion is designed to help organizations create AI systems that align with regulatory standards and human values.

Fairly AI, co-founded in 2020 but rooted in a 2015 research project, focuses on "AI Governance, Risk, and Compliance" (GRC) tools for the auditing and monitoring of AI systems. The acquisition of anch.AI brings European expertise into the fold, enhancing Asenion's offerings. CEO David Van Bruwaene emphasizes the ambition to make ethical AI accessible globally. His vision involves rapid assessments of AI systems to quickly identify issues of fairness and bias, especially in regulated sectors such as finance, healthcare, and HR.

The partnership merges Fairly AI's fast auditing capabilities with anch.AI's ethical frameworks. This innovation allows users in highly regulated industries to detect potential vulnerabilities in AI systems in real-time, significantly reducing the risks associated with AI deployment. Van Bruwaene and co-founder Fion Lee-Madan attribute their foundational philosophies to their educational backgrounds and experiences in Waterloo, a region known for its AI talent and innovation.

The choice to expand locally rather than in larger cities like Toronto underscores their commitment to the vibrant Waterloo ecosystem, which has nurtured their growth. Fairly AI provides a scalable solution that caters to both startups and large enterprises, offering tools that facilitate trust in AI systems from the ground up. Their "AI compliance in a box" approach aims to ensure that even smaller companies can instill accountability in their AI deployments.

Fairly AI's clientele spans various industries, including finance and health tech, with achievements like helping a customer attain ISO/IEC 42001 certification. Their technology is designed to engage all stakeholders in the AI deployment process, from engineers to compliance officers. Van Bruwaene highlights the importance of accountability when AI replaces human roles, citing the need for rigorous testing to safeguard these responsibilities.

Despite the company's positive trajectory, both Van Bruwaene and Felländer express concerns about the cautious flow of early-stage capital in Canada. They argue that while Canada possesses the potential to lead in ethical AI, investment patterns tend to favor conventional metrics, leaving promising startups overlooked. Fairly AI's recent $2.2 million seed funding round reflects their momentum, buoyed by the supportive community in Waterloo.

As AI continues to evolve, the partnership between Fairly AI and anch.AI is positioned to set standards in AI governance and ethics. They emphasize the importance of balancing innovation with regulatory compliance, with Asenion paving the way for a future where AI systems are built with fairness and accountability at their core. Van Bruwaene summarises their mission as ensuring that the transformative power of AI is leveraged responsibly and effectively, responding to the growing scrutiny surrounding the technology. The goal is to establish trust in AI systems, comparable to the trust we place in human oversight.