AI

Fact-checking Startup Secures €1M to Combat AI Hallucinations

20 June 2024

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Zaker Adham

Summary

Norwegian startup Factiverse has secured €1 million in funding to enhance its AI-driven fact-checking technology, which aims to eliminate inaccuracies, or "AI hallucinations," in content generated by artificial intelligence.

Factiverse leverages machine learning to verify AI-generated content, automatically detecting and flagging errors that have increasingly caused public controversy. For example, a New York lawyer recently apologized for using fictitious court citations generated by ChatGPT, and CNET corrected 41 of the 77 stories written with an AI tool. Microsoft's Bing AI has also been criticized for errors in earnings report analyses and false claims of spying on employees.

Founded in 2016, Factiverse utilizes patented models to analyze AI-generated content for accuracy. These models are based on the research of co-founder and CTO Vinay Setty, an associate professor in machine learning at the University of Stavanger. Setty's decade-long research in text and graph mining for fact-checking has culminated in the Factiverse AI Editor. Launched last year, this tool detects biases and mistakes in AI-generated text and identifies reliable sources.

Funding for Fact-Checking Innovation

The recent funding will support further development of Factiverse's technology. Key investors include Murshid Ali, founder of Huddlestock and Skyfri; Johann Olav Koss, entrepreneur and four-time Olympic gold medallist in speed skating; and Yasmin Namini, a former executive at the New York Times. Investment firms Herfo and Valide Invest also contributed.

Factiverse's CEO and co-founder, Maria Amelie, announced the funding at the TNW Conference, stating, "This investment will allow us to accelerate the development of our crucial fact-checking solutions and empower more businesses to leverage the power of AI with confidence."

In addition to securing funding, Factiverse has launched a journalist trial program, offering 30 days of free access to its fact-checking technology without requiring a payment card.

Factiverse aims to expand its user base with this trial and new funding. Espen Egil Hansen, the company’s chairman, emphasized the importance of addressing AI hallucinations: "Instances of companies facing legal repercussions for factual errors in their chatbots are already a reality. As AI becomes more deeply ingrained in our daily lives, ensuring the accuracy of AI models isn't just about good business; it’s the bedrock upon which democratic values are built."