Wil, InMotion Ventures’ US lead, was introduced to Verax AI by fellow investor, and JLR’s Corporate Innovation partner, Plug and Play UK.
We immediately recognised the impact that Verax’s technology could have on JLR’s ability to leverage Gen AI in a secure and responsible way. After validating Verax’s approach with data experts at JLR we wasted no time in becoming the first strategic investor on the cap table: participating in Verax’s pre-seed round in January 2024, before following on four months later in their $7.6 million Seed raise.
Our choice to invest was driven by a multitude of factors. Verax’s laser focus on solving a critical and enduring problem in the AI space; the proven track record of co-founders Leo and Oren; a clear market demand, validated through extensive engagement with CIOs; and the potential for Verax’s technology to have a significant impact on JLR’s wider enterprise AI strategy.
Since first meeting Leo and Oren we have worked hard to support the team. Our early-stage capital has offered Verax a valuable route into the highly lucrative automotive sector, but as with all of our investments, financial support is just one aspect of our relationship.
In the early days of our engagement the InMotion Ventures’ platform team facilitated crucial introductions to key stakeholders within JLR, particularly to the Data Science and AI team. As with all high-growth businesses a strong pipeline is critical. We complemented the JLR connections by introducing Verax to additional enterprise prospects in our extensive global network, whilst also making introductions to potential investors in anticipation of future rounds.
In the first half of 2024 the team also committed to boosting Verax’s visibility and credibility in the UK: securing speaking opportunities for Leo at the UK Mobility Expo and the Global Corporate Venturing Symposium, and connecting the Verax team with content strategists to ensure the business is well positioned in the market.
“InMotion Ventures are one of the most helpful investors on our cap table. On top of the somewhat obvious benefit of connecting Verax with the business teams inside JLR, they further help by introducing us to qualified prospects and skilled vendors. Most importantly, however, they are great human beings and it’s a pleasure to work with them”
Leonid Feinberg, Co-founder & CEO at Verax AI
The relationship between Verax and JLR’s Data Team has flourished since our investment in early 2024. The two businesses are now collaborating as design partners on the startup’s first product, the Verax’s Control Centre.
The technology aligns seamlessly with JLR’s Generative AI strategy, which is built on a comprehensive “defence-in-depth” approach. With the collaboration now enabling the development of a solution that can play a crucial role in helping JLR address hallucinations, drift and other challenges associated with Generative AI models.
“The potential impact of artificial intelligence on the automotive industry is no secret, promising advances in productivity and customer experience. The effective use of AI at JLR is dependent on our ability to address the challenges and risks of this hugely powerful technology. As part of our Generative AI strategy, the business is implementing safeguards to make AI ethical, secure and risk managed. Leo and his team perfectly complement our approach, providing the visibility and control we need to deliver modern luxury experiences for JLR’s clients”
Jose Antonio Cruz de Modena Junior, Head of Data Science and AI at JLR
In a remarkably short time frame Verax has established itself as a go-to trust solution in the rapidly growing AI sector.
Less than four months after their initial pre-seed round, Verax successfully raised a $7.6 million Seed round, marking a significant vote of confidence from the investment community in Verax’s vision and potential.
With the JLR relationship progressing at speed we’re confident that our early belief in the team and technology will further accelerate the growth of this startup as more enterprises understand and witness first-hand the opportunities that Verax can afford their business. As the AI landscape continues to evolve at a rapid pace, Verax AI will play a leading role in enabling responsible and effective AI adoption in enterprise settings globally
Through this strategic investment and ongoing support, InMotion Ventures has not only contributed to Verax’s growth but has also positioned JLR at the forefront of responsible AI adoption in the automotive industry. This partnership stands as a testament to the power of collaborative innovation and the potential for early-stage startups to drive meaningful change in established industries.