TORONTO, October 1, 2024 - Armilla AI, the assurance platform providing trust in AI through product verification, warranties, and insurance today announces the appointment of Baiju Devani as Chief Technology Officer. With a wealth of experience building and scaling Machine Learning Platforms, Mr. Devani will spearhead the company's AI Risk Assessment Platform.
Baiju Devani is a highly accomplished executive, entrepreneur, and leader in the AI/ML space, with over two decades of experience spanning startups, scale-ups, and large enterprises. Most recently, at TD Bank, Baiju led the Layer6 engineering and product teams as well as the enterprise AI/ML function. Prior to TD, he served as Chief Data Officer at Aviva Canada, where he built from the ground up, the Data Science and Analytics function.
“We are witnessing a rapid acceleration of AI adoption within enterprises. However, this growth comes with the need to manage incremental AI risks and offer insurance products that effectively price those risks. To do this, deep AI expertise is essential—AI itself is key to managing AI risks. Armilla has been at the forefront of this revolution, and I look forward to further building out its technology platforms,” said Baiju.
The move comes at a critical moment for the AI industry. According to a Capgemini study, organizations report a four-fold increase in the deployment of generative AI since 2023. Companies know they need to implement AI at breakneck speed or fall behind competitors. They also know it is risky. There have been some extremely public AI failures. Air Canada, the flag carrier airline in Canada was recently found liable for the incorrect advice its chatbot gave to passengers. Regulators across the world are pushing out AI legislation. AI risk is top of mind for every enterprise.
For the past three years, Armilla AI has been at the forefront of helping enterprises tackle AI risk. As AI adoption continues to soar, it is seeing unprecedented demand for AI risk management and insurance—a market Deloitte predicts will reach $4.7 billion by 2032.
This new category of risk poses a challenge for underwriters who do not have decades of data from which to base their models. That’s why Armilla AI assesses every AI model from the bottom up to produce a robust score of enterprise risk. Armilla’s AI Risk Assessment Platform is core to that capability. Mr. Devani brings experience building enterprise grade platforms at scale.
“It’s clear to us that the solution to AI risk needs to be technology driven. We’ve built an amazing foundation for Armilla AI and now this market is developing even faster than we could imagine. We’re thrilled to bring on Baiju who will ensure we’re able to rise to the challenge” said Founder and CEO, Karthik Ramakrishnan.
About Armilla AI
Armilla AI is a provider of AI risk mitigation and transfer solutions on a mission to empower enterprises to safely deploy cutting edge AI. Using industry-leading AI/LLM evaluation technology, the company assesses and quantifies the risk level of AI models to provide AI verification, warranties, and insurance, backed by leading reinsurers Swiss Re, Greenlight Re and Chaucer. A graduate of renowned AI and insurtech accelerators, including Y-Combinator, Lloyd’s Lab and Betaworks’ AI Camp, Armilla AI was recently named to FinTech Global's Insurtech100 and InsureTechConnect's Forward50, and is a winner of the Responsible AI Institute’s 2023 award for most outstanding product.
