Vero AI Emerges with Groundbreaking AI Driven, Science-Based Platform to Help Global Enterprises Evaluate and Optimize their AI Investments, and Mitigate Risk

CHAPEL HILL, N.C., March 19, 2024 /PRNewswire/ -- Dedicated to empowering global enterprises in harnessing the full potential of AI technologies while minimizing risk, Vero AI announced the launch of its revolutionary AI-driven, science-based platform and scoreboard. Vero AI's advanced analytical engine Iris and scoring framework, the VIOLET Impact Model, empower enterprises to evaluate their AI tools and optimize the value of their AI investments, while mitigating the many associated risks like bias, dehumanization, privacy invasions, and legal implications.

With the digitalization of modern business processes, organizations increasingly rely on automated decisions, often without rigorous evaluation. Emerging AI systems and algorithmic tools like ChatGPT further enhance automated decision-making, but also create a greater need for a complete understanding of their risk profiles. Vero AI's science based, comprehensive and objective model analyzes AI and advanced algorithms at scale, and presents meaningful and interpretable scores. The scores show enterprises in real-time how these tools benefit or harm their businesses.

Vero AI was founded by Eric Sydell, Ph.D., an industrial/organizational psychologist; technology sales veteran Kim Macdonald; data scientist Rachel King, Ph.D.; and product expert Mike Reeves, Ph.D. Sydell, CEO, was previously EVP of innovation at Modern Hire (acquired by Hirevue in 2023) and one of the founding scientists of Shaker International. He also wrote, "Decoding Talent: How AI and Big Data Can Solve Your Company's People Puzzle." Macdonald, Vero AI's chief scale officer, brings expertise from senior roles at Modern Hire, Shaker International, Thomson's Online Benefits and Swipejobs. King developed Vero AI's analytical engine founded on generative AI, and Reeves brings deep expertise in scaled software design and development. The team is comprised of I/O psychologists and tech experts skilled in the evaluation of real-world AI applications across industries, and dedicated to ensuring its objective knowledge and truth for enterprise success.

"In the era of AI, uncertainty abounds for organizations due to a lack of scalable assessment tools and lagging regulatory guidance," said Sydell. "To fully harness AI in a responsible manner while justifying the costs of such tools, a comprehensive and objective method of measuring AI systems is needed. Using advanced large language models (LLMs) and a holistic, human-centered framework, Vero AI offers a groundbreaking solution for navigating the many complexities of AI with unmatched sophistication. In doing so, we're the first to empower businesses with valuable insights on the benefits and risks of their current and potential AI investments."

Vero AI ingests both quantitative and qualitative data, analyzing it with traditional and AI-based statistics to create meaningful, interpretable, reliable scores. This allows users across all industries to know immediately whether and how well existing AI tools, algorithms, or any complex system is functioning across a range of curated, holistic criteria. For example:

• Algorithm Risk Analysis: As Generative-AI becomes more accessible, an increasing number of technology vendors are rolling out new chatbots and other tools for public consumption. Vero AI critically examines the context and output of these tools to understand their true impact.
• AI/Algorithmic Compliance Audits: For specific industries like human resources (HR) and financial services, where adherence to compliance regulations is crucial prior to adopting AI tools, the Vero AI platform thoroughly assesses the algorithm to ascertain its data processing methods and verifies whether the results align with regulatory requirements. This includes companies using automated employment decision tools (AEDTs) in specific regions like NYC, where annual audits are required to ensure these tools are not generating bias in decision making.
• Vendor Selection: When automating their business processes through AI-based systems, most organizations do not have a complete understanding of their risk profiles, and whether the risk is worth the reward. Vero Al identifies opportunities and risks, documenting them clearly for easy interpretation.

Key Components of The VIOLET Impact Model Scoreboard

The VIOLET Impact Model is a holistic, human-centered framework of elements and methodologies providing a comprehensive and objective view of the impact of algorithms and complex systems. While compliance is critical for AI systems, the VIOLET model goes far beyond legal and regulatory requirements to ensure that both business effectiveness and human interests are served. Key components measured include:

• Visibility. The degree to which affected individuals are aware of how algorithms are being used.
• Integrity. Whether the algorithm does good and whether it is fair to all classes.
• Optimization. How well the model was built.
• Legislative Preparedness. How well the algorithm and surrounding systems are prepared to meet the requirements of current and upcoming legislation.
• Effectiveness. How well the algorithm works.
• Transparency. How clearly understood the algorithm and its uses are internally.

"Until now, there has been no way to know at scale how AI impacts a business," said Macdonald. "Companies have relied on AI vendor claims, unsure of legal compliance or diversity impacts, while often overpaying for basic tools with little return. With Vero AI's robust Iris engine and The VIOLET Impact Model, organizations can be assured their AI investments are working when their VIOLET scores are high."

About Vero AI
Vero AI's platform is a first-of-its-kind analytical engine and scoreboard built to help enterprises fully harness the potential of AI algorithms and tools while minimizing risk. Through its scientifically derived, AI-assisted platform and objective framework, The VIOLET Impact Model, Vero AI ingests information of all types and creates meaningful, interpretable, reliable scores that allow users to know immediately whether their existing AI tools, algorithms, or any complex system is functioning across a range of curated, holistic criteria. Vero AI sets a new standard for AI optimization and risk mitigation at scale, empowering enterprises to thrive in an era defined by technological innovation and disruption. To learn more visit https://www.vero-ai.com/.

SOURCE Vero AI