In a press release, TÜV SÜD announced the establishment of AI Procured, a joint venture based in Singapore. AI Procured supports companies worldwide in the qualification of AI solutions in terms of safety, legal compliance and ethical integrity. The aim is to reduce regulatory complexity and uncertainty and enable an efficient procurement process with continuous solution monitoring.
While AI technology has taken centre stage in recent years, there have been significant barriers to adoption within organisations due to concerns over safety and overall effectiveness. The complexity and high risk of AI purchases often delays the acquisition and adoption of AI applications and prevents organisations from realising their potential. In addition, the introduction of new regulations, such as the EU AI Act, leaves organisations unsure whether AI applications are compliant.
The EU AI Act was passed by the European Commission last year and lays down strict rules for AI models. Companies that do not comply with regulations can be fined up to 7% of their global turnover. Navigating this emerging regulatory landscape remains a daunting task for procurement teams.
The joint venture is based on a new platform
AI Procured is a dynamic platform that supports corporate procurement teams to efficiently procure and deploy AI solutions while minimising operational risks. The platform offers an intelligent evaluation methodology, comprehensive data testing, monitoring of deployed AI solutions and other services to optimise the entire AI implementation process. AI Procured will assess all relevant risks of AI systems in the areas of safety, security, legal, ethics, performance and sustainability as part of a subscription-based business model.
The new platform is the result of a strategic collaboration between TÜV SÜD, the Economic Development Board (EDB) of Singapore and FutureLabs Ventures (FLV). The joint venture is funded under the EDB's Corporate Venture Launchpad programme, which supports the establishment and launch of new businesses in Singapore. By combining TÜV SÜD's expertise in testing, auditing and certification and the development of the AI Quality Framework, a globally recognised resource used by companies, AI Procured is well positioned to set new standards in the qualification of AI solutions. The start-up funding of EUR 3.6 million from TÜV SÜD and FLV supports the development of the first product.
Benchmark for quality and trust Dr Andreas Hauser, CEO of TÜV SÜD Digital Service, will head AI Procured as CEO and lead a team of innovation and AI specialists from TÜV SÜD and FutureLabs Ventures. Both organisations will retain a stake in the new company to create a solid foundation for future growth and development.
"In the rapidly evolving AI landscape, AI Procured is the benchmark for quality and trust," says Dr Andreas Hauser, CEO of AI Procured. "With a deep understanding of the complexity of AI, we support organisations in the selection and integration of secure and compliant AI solutions. The thorough assessment of AI risks and the qualification of AI providers ensure that every AI investment is not just a purchase, but a step towards securing the future of the company."
More information is available at www.tuvsud.com/en-sg/themes/artificial-intelligence.
