citybiz+ Trustible Raises $1.6 Million in Quest to Promote ‘Responsible AI’

Washington, D.C.-based Trustible, which seeks to promote “responsible AI,” has emerged out of stealth with $1.6 million in pre-seed funding round led by New York’s Harlem Capital.

Other investors included Los Angeles-based VamosVentures and a clutch of angel investors:

  • Julius Genachowski, managing director at Carlyle and former chair of the Federal Communications Commission;
  • FiscalNote co-founders Tim Hwang and Gerald Yao;
  • Jim Hunt, managing partner at Lavrock Ventures and former Ernst & Young Technologies CEO;
  • Former Federal Reserve economist Joe Zhao of Millennia Capital; and
  • Neal Parikh, former director of AI for New York City.

“Societal trust in AI is critical in ensuring the technology is benefiting humanity, particularly with the advent of Generative AI,” said Trustible co-founder and CEO Gerald Kierce, a former executive at FiscalNote. “We’re thrilled to launch Trustible to enable legal and AI/ML teams to foster transparency, accountability, and trust in their AI systems.”

Big, Ready Market

Kierce, a Puerto Rico native, and Andrew Gamino-Cheong co-founded Trustible after a nearly decade-long stint at FiscalNote, an AI-driven SaaS technology provider of global policy and market intelligence.

Trustible cited a recent survey by Accenture to underline its market — 77% of enterprises have made AI regulation a top priority whereas only 6% have established responsible AI governance capabilities. Accenture’s report also suggests that over 80% of organizations plan to allocate at least 10% of their total AI budget to meet regulatory requirements by 2024.

The startup, which is a member of the standards-setting Responsible AI Institute, has not only built a platform that can help organizations quickly catch up with responsible AI but has established several pilots with technology, financial services and healthcare companies.

Ivan Caballero, who heads Citibeats — a participant in a pilot — expressed a desire to accelerate his company’s responsible AI governance initiative, and adhere to EU laws. “As ethical and regulatory challenges arise with the use of AI, Trustible will play a crucial role in establishing trust and managing the risks associated with AI innovations,” he said.

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Growth Plans
Trustible said it would use the recent funding to scale up its team, accelerate growth, and further develop its platform.

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“The Trustible team has strong experience scaling technology companies at the intersection of AI and policy,” said Henri Pierre-Jacques, Harlem Capital’s managing partner. “We’re thrilled to support Trustible as they become leaders in the responsible AI governance space to help organizations comply with a complex and evolving global regulatory landscape.”

Harlem Capital, established in 2015, has raised $174.3 million from two funds. It has made over 50 portfolio investments and exited four. Its recent bets include Stuf, MoviePass and SilkChart.