Copenhagen-based 2021.AI has raised DKK 28 million (€3.6 million) in bridge funding. DNV Ventures and existing investors participated in this financing round. The capital infusion will support 2021.AI’s plans for a more extensive funding round in the first quarter of 2025. Mikael Munck, the CEO and founder, praised DNV’s investment, highlighting the company’s expertise in AI governance and certification.
The recent funding contrasts with a report from earlier this year, where 2021.AI had outlined an ambitious projection for growth without specifying the need for immediate bridge financing. The company’s mission to democratize AI also aligns with strategies seen in other market reports, which accentuate a growing emphasis on AI ethics and governance. While funding amounts are consistent with previous rounds, the focus on responsible AI has intensified, reflecting broader industry trends.
Focus on Responsible AI
2021.AI, established in 2016 by Mikael Munck, aims to democratize advanced AI technologies, making them accessible to various organizations. The company’s GRACE AI platform focuses on the key components required for effective AI implementation, including models, platform, and governance. Since 2019, the firm has emphasized AI governance, ensuring responsible implementation in line with global regulations and ethical guidelines.
Munck, with over 25 years of experience in technology and finance, previously served as Global Head of Technology at Saxo Bank. He also holds positions such as Chairman of Copenhagen FinTech and board member in various tech companies. Munck expressed enthusiasm about 2021.AI’s partnership with DNV, noting that the collaboration would enhance the company’s AI governance capabilities.
Partnership with DNV
DNV is an independent assurance and risk management provider operating in over 100 countries. The organization’s expertise will assist 2021.AI in meeting market demands for AI and data regulation compliance, such as the EU AI Act, by leveraging DNV’s assurance capabilities alongside the GRACE AI platform. This partnership aims to create a comprehensive compliance solution.
Frank Børre Pedersen, Digital Assurance Director at DNV, believes the collaboration will extend DNV’s use of AI and enhance its presence in AI assurance and certification. Nermina Ek, DNV Ventures’ Investment Director, noted the significance of AI models in critical sectors such as healthcare, energy, and transport, stressing the importance of trust in AI for safe technology scaling. Ek also commended 2021.AI’s progress in establishing itself as a leader in responsible AI solutions.
Overall, the DKK 28 million funding round for 2021.AI marks a significant milestone in the company’s journey. The partnership with DNV will not only bolster 2021.AI’s expertise in AI governance but also address the urgent need for compliance with global AI regulations. This development is critical as the company prepares for a more substantial funding round in early 2025.
