DarwinAI closes new financing led by Honeywell Ventures

DarwinAI, a Waterloo, Ontario-based explainable artificial intelligence company, closed a financing led by Honeywell Ventures and joined by ACVC Partners, REDDS Capital and other investors.

DarwinAI, a Waterloo, Ontario-based explainable artificial intelligence company, closed a financing led by Honeywell Ventures and joined by ACVC Partners, REDDS Capital and other investors. No financial terms were disclosed. DarwinAI in 2018 raised a C$3 million seed round from Obvious Ventures and Inovia Capital.

PRESS RELEASE

WATERLOO, Ontario–(BUSINESS WIRE)–DarwinAI, the explainable AI company located in Waterloo, Canada, today announced an investment round led by Honeywell Ventures with participation from ACVC Partners, REDDS Capital, existing investors and numerous angels. The investment extends the capital raised through a seed round raised from Obvious Ventures and Inovia Capital.

DarwinAI’s technology facilitates Explainable Artificial Intelligence (XAI). XAI or “explainability” attempts to illuminate how neural networks – complex constructions that mimic the human brain – reach their decisions. The lack of understanding around AI’s decision-making process has hampered the widespread adoption of AI. In response to this challenge, DarwinAI created AI proprietary technology to address the problem. Their platform helps facilitate robust and trustworthy AI systems that enterprise stakeholders have come to expect, and more importantly helps organizations implement high-valued use cases with significant ROI.

In addition to the investment, Honeywell and Darwin are collaborating to employ AI for a variety of use-cases across lines of business. Examples include predictive maintenance, anomaly detection and computer vision for defect discovery.

Speaking about the applicability, Mike Stewart, the Head of Advanced Technology Group at Honeywell Aerospace said:

“DarwinAI’s platform facilitates improved performance in deep learning models on our embedded platforms, providing greater accuracy with a smaller footprint. Explainability is crucial to certifying AI models for airborne applications and we believe Darwin’s capabilities will enable us to develop trustworthy AI.”

DarwinAI CEO, Sheldon Fernandez, was similarly enthused by the announcement. “Leveraging XAI to enable high-valued and important use cases for organizations is an important focus for us this year. Our collaboration with a company of such stature underscores the promise of our technology and the importance of trustworthiness when it comes to Artificial Intelligence. We look forward to working closely with Honeywell.”

DarwinAI, the explainable AI company, enables enterprises to build AI they can trust.
The company was named a cool vendor in Gartner’s October 2019 Cool Vendors in Enterprise AI Governance and Ethical Response report. CB Insights also selected DarwinAI for its AI 100, CB Insights’ annual list of the 100 most promising private AI companies in the world. Based on years of distinguished scholarship, the company’s patented explainability technology accelerates advanced deep learning design. To learn more about DarwinAI, visit their website at www.darwinai.com or follow them @DarwinAI on Twitter.