Armilla AI
YC W22Toronto, CA · Founded 2020 · Ontario, Canada corporation · 14 employees · 12 known investors
Armilla AI is a managing general agent offering liability coverage, performance warranties, and risk assessments for AI systems. The company helps enterprises and AI vendors deploy artificial intelligence safely through model validation, governance, and insurance products.
AI & Machine LearningData & InfrastructureEnterprise SoftwareFintechInsurTechArtificial IntelligenceGenerative AIInsuranceCanadaAmerica / CanadaPartly Remote
Founders & leadership· Y Combinator alumni (W22)
Armilla AI was founded in 2020 by Dan Adamson, Karthik Ramakrishnan, and Baiju Hasmukhrai Devani.
DA
Dan AdamsoninCo-founder · Armilla AI2021–2024Dan Adamson co-founded Armilla AI and previously founded OutsideIQ, which was acquired by Exiger in 2017, where he developed AI solutions for financial institutions and regulators. He also served as Chief Architect at Medstory, an AI search startup acquired by Microsoft, and holds an MS degree from UC Berkeley.
KR
Karthik Ramakrishnanin𝕏CEO and FounderHe previously served as VP of go-to-market at Element AI, where he oversaw AI solutions for financial institutions and regulators, and earlier co-founded Blu Trumpet and Gallop Labs while holding roles in product and strategy at Deloitte.
BH
Baiju Hasmukhrai DevaniCo-founder
Board
RB
Investors · 12
Beresford VenturesOrlando
BetaworksNew York · $250K – $750K
Creative Destruction Lab (CDL)Toronto · $50K – $250K
Differential VenturesNew York · $250K – $3M
MS&AD VenturesMenlo Park · $500K – $3M
Rebel FundSan Francisco · $100K – $5M
Y CombinatorSan Francisco · $500K
Greenlight RereportedGrand Cayman
Mistral Venture Partnersreported · 3 sourcesTorontovia Raif Barbaros · board
Morgan Creek CapitalreportedChapel Hill · $1M – $5M
SixThirty Venturesreported · 3 sourcesSt. Louis · $100K – $250K
Two Small Fish VenturesreportedToronto · $1M – $3M
Reported raises · per SEC filings
Form D private placements$3.6M disclosed across 2 rounds · 2023–2025
▶$1.3MraisedJun 2025 · 4 investors · Other TechnologyRule 506(b)
▶$1.3MraisedJun 2025 · 4 investors · Other Technology
Rule 506(b)Officers, directors & promoters on the filing
- Karthik RamakrishnanExecutive Officer, Director
- Baiju Hasmukhrai DevaniExecutive Officer, Director
- Raif BarbarosDirector
- Offering amount
- $3.5M
- Amount sold
- $1.3M
- First sale
- Jun 2025
- Incorporated
- Corporation, Ontario, Canada, 2020
- Federal exemptions
- 06b
▶$2.3MraisedJan 2024 · 9 investors · Other TechnologyRule 506(b)
▶$2.3MraisedJan 2024 · 9 investors · Other Technology
Rule 506(b)Officers, directors & promoters on the filing
- Karthik RamakrishnanExecutive Officer, Director
- Dan AdamsonExecutive Officer, Director
- Raif BarbarosDirector
- Offering amount
- $2.3M
- Amount sold
- $2.3M
- First sale
- Dec 2023
- Incorporated
- Corporation, Ontario, Canada, 2023
- Federal exemptions
- 06b
Source: SEC EDGAR Form D. Amounts as filed; amended filings shown once at their latest values.
Competitors · 8
by search overlap
AI Insurance9 shared keywordsAI Insurance provides software for policy, insured, and claims management in the specialty insurance sector. The platform serves program managers, MGAs, TPAs, and other intermediaries with configurable tools for automating insurance operations.
Corgi7 shared keywordsCorgi is an AI-native, full-stack insurance platform that provides modular business insurance coverage designed for technology companies. It handles underwriting, policy design, servicing, and claims administration to simplify the insurance experience.
Artificial7 shared keywordsArtificial provides a configurable software platform for specialty and reinsurance brokers and carriers to manage placement and underwriting workflows through integrated data tools and proprietary technology.
Netezza7 shared keywordsIBM is a global technology company whose business spans enterprise software (including Red Hat, HashiCorp, and Confluent), IT infrastructure such as mainframes, servers, and storage, and IT consulting services. The company is also investing heavily in quantum computing and AI-based enterprise offerings, including its Lightwell open-source software security clearinghouse and the Anderon quantum wafer foundry.
Bevaya6 shared keywordsBevaya develops AI agents for the insurance industry that integrate into existing business processes to automate and enhance operations. The company focuses on deploying large vision-language reasoning models tailored to industry-specific insurance use cases.
Vouch5 shared keywordsVouch provides directors and officers (D&O) liability insurance designed for venture-backed companies navigating investor disputes, wrongful termination claims, and governance challenges. The company offers coverage that adapts to a company's growth stage and includes instant quoting and advisory services focused on term sheets and board dynamics.
Gradient Health5 shared keywordsGradient AI develops underwriting and claims management software for group health, property & casualty, and workers' compensation insurance. The platform serves carriers, brokers, MGAs, TPAs, and PEOs.
Kay5 shared keywordsKay.ai builds automation tools that handle administrative and operational work—such as data intake, forms, and information collection—for insurance professionals. The company aims to reduce the manual paperwork burden in the insurance industry so professionals can focus on client relationships and coverage.
Companies competing with Armilla AI for the same Google search keywords, organic and paid, via search-intersection analysis.
In the news
Frequently asked questions
- What does Armilla AI do?
- Armilla AI is a managing general agent offering liability coverage, performance warranties, and risk assessments for AI systems. The company helps enterprises and AI vendors deploy artificial intelligence safely through model validation, governance, and insurance products.
- Who founded Armilla AI?
- Armilla AI was founded by Dan Adamson, Karthik Ramakrishnan, Baiju Hasmukhrai Devani in 2020.
- Who are Armilla AI's investors?
- Armilla AI's investors include Beresford Ventures, Betaworks, Creative Destruction Lab (CDL), Differential Ventures, MS&AD Ventures, Rebel Fund, Y Combinator, Greenlight Re and 4 more.
- How much funding has Armilla AI raised?
- Armilla AI has disclosed $3.6M raised across 2 rounds.
- Where is Armilla AI headquartered?
- Armilla AI is headquartered in Toronto, CA.