Insider Brief
- FairNow has secured $3.5 million in seed funding for AI governance software
- The platform helps enterprises manage AI-related risks and regulatory compliance
- The funding was led by successful SaaS entrepreneurs.
PRESS RELEASE — MCLEAN, Va. /June 20, 2024— (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.
Contacts
Kayla Baum, VP of Marketing
[email protected]
