Jun 20, 2025

Kitchener-based Fairly AI acquires Swedish startup Anch.AI to help companies build regulation-ready AI Startup leaders from Waterloo Region and Sweden unite on a global mission to create safer, values-driven AI Fion Lee-Madan, Anna Felländer, and David Van Bruwaene, founders of the newly launched Asenion. AI is everywhere, and everyone’s rushing to adopt it. But two companies pushing the boundaries of responsible AI are calling for a pause to ask the right questions: Is this AI fair? Is it transparent? Is it safe? To help answer those questions, Waterloo-based Fairly AI has acquired Sweden’s anch.AI , joining forces under a new name, Asenion , a platform built to help organizations develop regulation-ready AI grounded in human values. From local ambition to global impact Fairly AI was officially founded in 2020, but its beginnings go back to 2015 when it started as a research project. It now provides “AI GRC” tools, governance, risk and compliance for auditing, testing and monitoring AI systems. Now, the addition of Stockholm startup anch.AI brings European expertise in AI ethics with the launch of Asenion. “The main goal that we have as a company is to make good AI universal,” said David Van Bruwaene, co-founder and CEO at Fairly AI. “We have ambitions on an international level. We have major expansion plans and a goal of helping companies do more assessments more quickly and more cost-effectively.” The deal also brings together two teams aligned on values, timing and vision. “We are proud to partner with Fairly AI, an organization that shares our vision for safe and ethical AI,” said Anna Felländer, founder of anch.AI. Speed, scale and safety Asenion merges Fairly AI’s rapid audit capabilities, which turn weeks or months-long processes into minutes, with anch.AI’s frameworks for ethical and policy alignment. Customers in regulated industries such as finance, HR and health tech can now catch fairness issues, bias and security vulnerabilities in real time, before AI releases go live. Built in Waterloo Region Van Bruwaene and co-founder Fion Lee-Madan bring a blend of philosophy, cognitive science and engineering to their work. “I got a couple of degrees at the University of Waterloo and grad school in the United States. I came back afterwards to teach,” Van Bruwaene said. “My family is filled with computer scientists with Waterloo backgrounds. My dad got a degree in computer science with punch cards back in the day. He moved to Waterloo because he saw it as a hotbed for everything he wanted to build. It's multi-generational.” Their collaboration reflects the startup energy of the region, which continues to punch above its weight in AI innovation. From early research roots to global product launches, Fairly AI has grown entirely out of the Waterloo ecosystem. “I believed in his idea and vision and decided to join his cool bus,” said Lee-Madan. The company recently chose to expand locally, moving into a new office in Waterloo over options in Toronto. The decision came down to community, talent and cost. “Everyone we’ve worked with here really puts in 120 percent,” said Lee-Madan. Compliance in a box Fairly AI’s platform is made for both startups and large enterprises. For small companies, it offers an “AI compliance in a box” solution to help them build trustworthy systems from day one. For bigger players, it focuses on scaling up testing and managing risk across teams. Their clients include banks, health tech firms, and HR platforms. Fairly AI says one of its customers used the startup’s tools to achieve ISO/IEC 42001 certification, the new global standard for AI management systems. The product is highly technical, but it’s designed to work for everyone involved in deploying AI, from engineers to compliance officers to executives. “Everything that gets replaced with automated intelligence is replacing a human who had proper training and oversight and accountability,” said Van Bruwaene. “If you change out a therapist with a bot that hasn’t been tested, why would you do the same with any other role?” Betting on Canada, with caution Lee‑Madan, Van Bruwaene and Felländer believe Canada has the reputation and potential to lead globally in ethical AI. But they also point out that early-stage capital in Canada tends to move cautiously, with investors still focused on traditional metrics. “There’s been money that flows a little more slowly here,” said Van Bruwaene. “I think we have a lot of small possible companies that don’t get enough love.” Fairly AI recently raised $2.2 million in seed funding and continues to grow from its base in Waterloo Region, where access to talent and community support offer a strong foundation for scaling up. “A transformative technology” AI is moving fast, and regulation is starting to catch up. Fairly AI and anch.AI are building the tools to keep both in balance. With Asenion, they’re taking a firm step toward a future where AI governance is global, values-based and ready for the scrutiny ahead, driven by a team that continues to build from Waterloo Region. “This is a transformative technology,” said Van Bruwaene. “It will change everyone’s lives, but only if we can make the process efficient, cost-effective and reliable.” The team knows what's coming. More bots. More risk. More scrutiny. And more need for systems that make AI accountable, just like humans are. “That’s exactly why systems like Asenion, built on fairness, safety and regulation, are central to real trust.” Rosie Del Campo Rosie Del Campo is the Senior Manager of Corporate Communications at Communitech, where she helps tell the stories of tech innovators and community builders. Before stepping into the world of communications, Rosie spent nearly 15 years as a broadcast journalist, working as a reporter, videographer and anchor at CTV News in Kitchener, Ontario. She’s a graduate of the journalism program at Toronto Metropolitan University (formerly Ryerson University). Rosie has also worked as a freelance writer, contributing to The Toronto Star, CTV National News and various blogs.