Insider Brief
- Monitaur has closed a $6 million Series A funding round led by Cultivation Capital, with participation from Rockmont Partners, Defy VC, Techstars, and Studio VC.
- The investment will help Monitaur accelerate growth, expand its team, and enhance its model governance software for highly regulated enterprises.
- Monitaur’s platform supports the insurance industry and other sectors in managing AI risks, ensuring transparency, performance, and compliance in their modeling systems.
PRESS RELEASE — BOSTON/May 13, 2024 — (BUSINESS WIRE) — Monitaur, the premier model governance software company for highly regulated companies and their partners, announced today the closing of a $6 million Series A funding round led by Cultivation Capital, with participation from Rockmont Partners and others including Defy VC, Techstars, and Studio VC. This investment will enable Monitaur to accelerate its growth and add talent across functions.
“Awareness of AI risks and the importance of governance were not fully appreciated when we founded Monitaur in 2019,” says Anthony Habayeb, CEO and co-founder of Monitaur. “Our vision has been realized into an emerging market over these 5 years and, thanks to our tremendous team and customers, we are uniquely positioned with proven capabilities and scale for this moment.”
Monitaur’s platform helps highly regulated enterprises build better AI and models that businesses, regulators, and consumers can trust. The company delivers solutions that help enterprises and their partners define, manage, and automate fundamental best practices throughout the modeling project lifecycle. With Monitaur, companies can accelerate innovation with clarity and confidence in the transparency, performance, fairness, safety, and compliance of their modeling systems.
“Among industries where regulating outcomes of high-impact models is not new, Monitaur has created a product and culture that enables companies to be innovative with AI while keeping performance and safety at the core of the entire modeling system lifecycle,” says John True, Partner at Cultivation Capital and leaders of this milestone funding. “We are excited to partner with Anthony and the Monitaur team to bring their solution to more customers.”
Monitaur’s more than 6x growth across revenue, customers, and product utilization in 2023 offered a great platform for this funding and continued growth. In particular, the company is excited to continue serving the unique opportunities and challenges AI brings to the Insurance industry. With major carriers like Progressive Insurance as well as AI innovators like CAPE Analytics and Nayya, Monitaur will continue to help industry and regulators come together to responsibly deliver on the promise and potential for AI to better insurance for all stakeholders.
About Monitaur
Monitaur is the premier model governance software that helps highly-regulated enterprises build better AI and models that businesses, regulators, and consumers can trust. The company delivers solutions that help enterprises and their partners define, manage, and automate fundamental best practices throughout the modeling project lifecycle. With Monitaur, companies can accelerate innovation with clarity and confidence in the transparency, performance, fairness, safety, and compliance of their modeling systems.
For more information, please visit https://www.monitaur.ai, and follow us on LinkedIn at https://www.linkedin.com/company/monitaur.
All brand names and product names are trademarks or registered trademarks of their respective companies.
Tags: Monitaur, ML, AI, responsible AI, AI risk, regulatory compliance, GRC, governance risk and compliance, machine learning, artificial intelligence, AI governance, NAIC, AI regulation, machine learning assurance, insurtech, insurance, property and casualty, funding, Anthony Habayeb, Cape Analytics, Nayya, John True, Cultivation Capital, Rockmont Partners, Studio VC, Techstars, Defy VC.
Contacts
Media:
Susan Peich
Monitaur
412.400.6911
[email protected]
