FairNow Secures $3.5 Million Seed Funding to Advance AI Governance Solutions
20 Junio 2024 - 7:00AM
Business Wire
FairNow, a leading provider of AI governance software, announced
today that it has secured $3.5 million in a seed funding round. The
investment will help FairNow accelerate its mission of equipping
enterprises with a governance platform that manages AI-related
business and regulatory risks.
“While the potential of AI technology is exciting, the number
one factor holding back adoption is business and regulatory risk,”
says Guru Sethupathy, CEO of FairNow. “Our platform helps customers
understand and mitigate their AI risk, ensuring compliance with
rapidly evolving regulations in a centralized and simplified
way."
The platform serves as a central hub, aligning AI tech stacks
with a myriad of regulatory requirements. “Our team has built AI
technologies in highly regulated industries like HR and financial
services, and we know firsthand how time-consuming AI governance
can be,” says COO Lisa Goldman. “FairNow alleviates that burden,
letting builders focus more on creating and less on compliance,”
adds CEO Guru Sethupathy.
The $3.5 million seed round was backed by a diverse group of
angel investors, entrepreneurs, and executives in the fields of AI,
HR, and financial services. The round was led by Somen Mondal and
Shaun Ricci, who have successfully built and exited two enterprise
SaaS companies in highly regulated industries. They recognize the
critical need for AI governance in the market and believe in
FairNow’s skilled team and technology.
In addition to its technology solutions, FairNow is committed to
educating and empowering organizations on AI governance, regulatory
compliance, and building trust.
As the EU AI Act’s enforceability quickly approaches, FairNow
encourages executives to sign up for regulatory updates to stay
informed and compliant.
FairNow is headquartered in McLean, Virginia. To learn more
about the company and its offerings, visit www.fairnow.ai.
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version on businesswire.com: https://www.businesswire.com/news/home/20240620579936/en/
Kayla Baum, VP of Marketing press@fairnow.ai