Munich, Germany, 25.01.2024 (PresseBox) – TÜV SÜD, a global leader in testing, inspection, and certification services, announces the launch of "AI Procured", a corporate venture headquartered in Singapore. AI Procured is committed to empowering organisations to qualify AI solutions that meet strict safety, security, and ethical standards while ensuring regulatory compliance. AI adoption is made smoother by addressing regulatory complexities and uncertainties, allowing a confident procurement process with ongoing solution monitoring.
As AI technology has taken centre stage in recent years, enterprise adoption has faced significant hurdles due to concerns around safety, security, and overall effectiveness. The complex and high-risk nature of AI purchases often delays the acquisition and adoption process, hindering organisations from leveraging AI’s potential. Adding to this complexity, introducing new regulations, such as the EU AI Act, corporations are uncertain about the compliance of AI products. The EU AI Act was passed by the European Commission last year and enforces stringent regulations for AI models, imposing potential penalties of up to 7 per cent of global turnover for organisations found non-compliant. Navigating this emerging regulatory landscape remains a formidable task for procurement teams.
AI Procured for more efficient procurement
AI Procured emerges as a dynamic platform designed to empower enterprise procurement teams, enabling them to confidently and efficiently purchase and deploy AI solutions while minimising operational risks. The platform offers an intelligent assessment methodology, comprehensive data testing services, monitoring of deployed AI solutions, and further services to streamline the entire AI adoption process. AI Procured will assess all relevant risks of AI systems comprising safety, security, legal, ethics, performance and sustainability on a sub-scription-based business model.
AI Procured: Bundled competences
This new platform is the result of a strategic collaboration between TÜV SÜD, Singapore Economic Development Board (EDB), and FutureLabs Ventures (FLV), facilitated through the EDB Corporate Venture Launchpad program, which aims to support companies to build and launch new ventures from Singapore. Combining TÜV SÜD’s expertise in Testing, Auditing and Certification and the development of the AI Quality Framework, a globally recognised resource used by enterprises, AI Procured is uniquely positioned to set new standards in AI solution qualification. Initial funding of 3,6 Mio. EUR from TÜV SÜD and FLV will support the development of the first product.
Benchmark for Quality and Trust
Dr Andreas Hauser, CEO of TÜV SÜD Digital Service, will helm AI Procured as CEO, leading a team composed of AI and Innovation specialists from TÜV SÜD and FutureLabs Ventures. Both organisations will retain a stake in the new entity, ensuring a strong foundation for future growth and development. "In the rapidly evolving landscape of AI, AI Procured stands as the benchmark for quality and trust," remarked Dr Andreas Hauser, CEO of AI Procured. "With a deep understanding of AI’s complexities, we guide organisations in choosing and integrating safe and compliant AI solutions. The thorough assessment of AI risks and qualification of AI vendors ensure that every AI investment is not just a purchase but a step towards future-proofing the organisation."
TÜV SÜD: Securing innovations, enabling progress
"At TÜV SÜD, we have been enabling progress for more than 150 years by protecting people, the environment, and assets from technology-related risks," said Ishan Palit, COO of TÜV SÜD. "Part of this commitment is advancing AI technology, with a sharp focus on increasing safety, security, and ethical integrity. AI Procured is strategically positioned to support this vision, offering a streamlined solution for organisations to adopt compliant and high-quality AI applications seamlessly. This new venture aligns with our core Testing, Inspection, and Certification (TIC) services, enhancing the efficiency and effectiveness of AI adoption in organisations."
More information about the topic of AI and TÜV SÜD services in this field is available on the Internet at: https://www.tuvsud.com/…, https://www.aiprocured.ai/, EDB Corporate Venture Launchpad, https://www.futurelabs.vc/ or on request by emailing: ai@tuvsud.com.