Credo AI Announces $12.8M Series A Funding Round for Responsible AI
I’m thrilled to announce that Credo AI has raised $12.8 million in Series A funding, led by Sands Capital with participation from our existing Series Seed investors Decibel VC and AI Fund. This milestone is a testament to our technology and community of practice – we’re changing what is possible for Responsible AI!
What motivates us the most is the trust our users, customers, employees and investors have put in Credo AI. Our journey has just begun and we are confident that the best is yet to come.
This funding round will further Credo AI’s category-defining leadership in Responsible AI (RAI) and will allow us to:
🚀 Double-down on our ambitious product vision in RAI Governance and Open Source RAI assessments
🚀 Supporting our customers in responding to AI standards and regulation that are emerging globally
🚀 Ensuring the success of current and future customers in their RAI journey
AI powers the world, but this powerful technology comes with some massive challenges like fairness, privacy risk, energy consumption, security vulnerabilities, transparency and more. These challenges require a solution that intertwines both technological and cultural approaches, and this is why many of the world’s most AI-first, ethics-forward companies use Credo AI’s Responsible AI platform. Our platform helps customers deliver on the promise of AI by managing its risks and ensuring fair, compliant and auditable AI. We want to thank our customers for their partnership and confidence in us to help them in their Responsible AI journey.
Our mission keeps us focused on our impact
The AI systems that are powering our world are embedded in human systems—a feedback loop that is refactoring our economy and society. Credo AI was born out of our vision to ensure that AI is always in service to humanity. Since our founding in March 2020, we have relentlessly focused on advocating for humans where these algorithms are used, and our tools are providing a view into data, algorithms and processes so that enterprises can manage, monitor and – over time – mitigate the unintended consequences of these powerful technologies. We don’t have all the answers, but Credo AI exists to render these evolving systems to be fair, transparent and auditable so that organizations can responsibly invent a better future by leveraging the best of what machines and people have to offer.
Our differentiation is creating a world of trust
The world also runs on Trust. The promise and perils of AI will define the 21st century, and to build a future we actually want to live in, we need to harness its potential and mitigate its perils. At Credo AI, we understand that building trust is a dynamic process. Organizations big and small must align on their values, codify those values, build them into their organizational infrastructure, observe impact and release the process with diverse voices providing input at every stage.
We have pioneered an RAI platform that powers this trust via context-driven governance of the AI applications. Our RAI platform, which was made generally available in April 2022, seamlessly integrates with your ML infrastructure to provide context-first and continuous oversight and accountability across your data and AI lifecycles, as well as across your accountability structures and processes.
Wherever you are in your Responsible AI journey, you can trust Credo AI to help you deliver on these critical goals:
- Standardize AI governance across your organization: From aligning on risk requirements to interrogating models, datasets and processes for risk and compliance, Credo AI ensures that every AI use case goes through a standardized governance process.
- Multi-stakeholder alignment: Credo AI is the translation engine that gives you visibility into AI risk and compliance. It brings together product, data science and oversight teams to align on the right governance requirements based on business and regulatory context.
- Out-of-the-box regulatory readiness: Credo AI provides gap analysis across out-of-the-box guardrails that operationalize industry standards, as well as existing and upcoming regulations.
We are also strong believers in open source and believe it can have a positive impact on AI. We believe Responsible AI can be more achievable through openly sharing assessments in fairness, robustness, privacy and explainability. In April 2022, we open sourced our Responsible AI assessments – Credo AI Lens. You can read more about our decision to open source here.
The Seal of Good AI
We are in the early innings of Responsible AI and there is a lot of work that remains. As we inch closer to our goal of becoming the “The Seal of Good AI,” we recognize that our responsibility in building a trustworthy AI economy and society has just begun. Currently, we are serving as the sherpa to global enterprises on their Responsible AI journey, helping them uncover the compliance challenges and risk issues in their AI applications.
We are excited about delivering on our vision by building a community of changemakers, providing a set of tools, and aligning on meaningful policies/standards to create true auditing of these systems. In doing so, we are accompanying certification of the system and people, and delivering on an assurance platform that helps create AI systems deserving of trust. We fundamentally believe that RAI is going to help create new accountability structures and jobs that will require new cross-functional skill sets. Credo AI is going to democratize Responsible AI across multiple stakeholders.
Congratulations to the Credo AI team! This funding milestone is cause for celebration for the talented team members I am proud to work with every day. Closing our Series A funding demonstrates the incredible alignment on our mission, execution excellence, pride in the first-of-its-kind product we’ve built, and the world-class customer experience we deliver. We will continue to ensure that AI is in service of humanity and we are honored to take on such a significant responsibility.
As mentioned in my Credo AI Manifesto, “Making good on AI’s profound potential requires profound integrity. Those who summon the courage to lead by putting their values into action are setting standards that will bend the course of history. If that’s you, then you’re the kind of person Credo AI seeks to serve, and with whom we will strive to build an abundant, equitable future.”
The stakes are only getting higher, so let’s get to work - to build a better future with Responsible AI!
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