Fairly AI recently closed a $1.7 million pre-seed round led by Flying Fish Partners. The funds will be used for product development, building a go-to-market team, and expanding staff. Despite competition in the AI risk and compliance management space, Van Bruwaene is confident in Fairly's potential, citing its ability to translate compliance requirements into engineering requirements and provide "traffic light" signals for decision makers.
Key takeaways:
- David Van Bruwaene and Fion Lee-Madan co-developed a platform called Fairly AI to help organizations manage the risks around their AI systems. The platform benchmarks a company's AI models and data sets against internal and external policies, as well as relevant standards and regulations.
- Fairly AI was incubated at Accenture’s FinTech Innovation Lab and was accepted into the Techstars accelerator in Toronto. It is also competing in this year’s Startup Battlefield 200 at TechCrunch’s annual Disrupt conference in San Francisco.
- The platform aims to make it easier for laypeople to understand risk and compliance issues associated with an AI system and to mitigate new risks as they emerge. It translates compliance requirements into engineering requirements to produce 'traffic light' signals for decision makers.
- Fairly recently closed a $1.7 million pre-seed round led by Flying Fish Partners and plans to use the funds for product development, building a go-to-market team and expanding its staff.