Fairly AI, which has built an oversight and risk management platform for AI, has reportedly raised $1.7m in fresh funding.
Seattle-based venture capital firm Flying Fish Partners served as the lead investor for the round, according to a report from BetaKit. Other backers in the round were Backstage Capital, X Factor Ventures, Loyal VC, NEXT Canada, and a few unnamed strategic angels.
Funds from this round will help Fairly AI to bolster its sales and marketing efforts.
Fairly AI supports the end-to-end process of AI model risk management. Its platform covers a range of features, including information reporting, testing, policies and built-in control to fairness and bias testing.
The platform provides companies with the tools to ensure AI systems are fair and reliable. Its technology is used by legal and audit, risk and compliance, and tech and data science teams.
Through the platform teams can collaborates, leverage parallel governance to reduce cross-team friction, and implement continuous checkpoints.
Fairly AI COO and co-founder Fion Lee-Madan told BetaKit, “We are not here to stop or slow down innovation. We’re here to help accelerate the safe adoption of AI.”
The Canadian FinTech company previously raised CAD 1.1m in a pre-seed round in 2021 and a $600,000 extension in 2022.
Elsewhere, responsible AI governance firm Trustible launched out of stealth with $1.6m in funding. The company claims to empower organisations to confidently adopt AI technologies and stay compliant.
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