Every day, news stories emerge about governmental entities exploring the regulation of AI, and just last week, the EU finalized a new set of rules. This trend is not unique to the EU, as other countries also seek ways to regulate the growth of AI technology. In light of these impending regulations, startups see an opportunity.
One such startup is Citrusx, an early-stage company based in Israel that recently secured a $4.5 million seed investment. Citrusx aims to develop a software service to assist companies in maintaining compliance, whether with internal policies or broader government regulations.
Noa Srebrnik, the co-founder and CEO of Citrusx, emphasized the substantial demand for AI and the significant efforts companies invest in it. However, she identified a bottleneck in the process of taking AI models to production, which can sometimes take six to nine months. To address this challenge, Citrusx is building a product to expedite the transition of models to become real services and products.
Srebrnik, formerly responsible for compliance at the Bank of Israel, recognized the need for a tool ensuring that AI models comply with regulations across various business sectors. With the increasing popularity of generative AI, the demand for such a tool has grown. Citrusx has been developed in an agnostic manner, allowing it to adapt to new approaches, such as ChatGPT, without the need for significant changes to its techniques.
Launched in 2021 by Srebrnik and CTO Gilad Manor, Citrusx now employs a dozen people. Srebrnik, as a woman CEO, emphasizes the importance of demonstrating a commitment to building a diverse workforce. The recent $4.5 million seed investment was led by Canadian venture firm Awz Ventures, with participation from several angel investors.
