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After Securing $3.5M, FairNow Sets its Sights on Greater AI Governance Oversight


We’ve said it before, readers – here on Future of Work, over on our sister site GenAI News, the whole nine yards – AI governance solutions are crucial for ensuring the responsible and trustworthy development and deployment of artificial intelligence. We can’t speak to every single governance measure out there, but on the whole these lay the proper groundwork for establishing ethical guidelines, promoting transparency in AI decision-making efforts, and helping to mitigate potential hallucinations and biases wrought from misuse (or abuse, or both) of modern AI frameworks. We’re talking about more than basic technical considerations; clear guidance is necessary when it comes to preventing the erosion of individuals’ data privacy, as well as bona fide accountability if AI use results in any discriminatory outcomes. Industries stand to benefit if/when governance is executed properly, and they’ll lag behind (or worse, in terms of possible consequences) if it’s not.

Enter FairNow with its AI governance software solutions.

FairNow strives to both simplify and centralize AI risk management at scale, while simultaneously empowering orgs to build, purchase, and deploy AI with a complete sense of confidence. Having brought together what it describes as a “distinguished and uniquely qualified network of team members and advisors,” FairNow’s platform continuously monitors AI models to ensure that “every model is far, compliant and audit-ready,” plain and simple. Governance tools that address clients’ needs across HR, enterprise tech, info security and elsewhere make a real difference in the vein of organization-wide oversight and meticulous levels of assurances (not to mention reducing the chances of reputational damage or costly setbacks).

This all said, you know where this is headed if you’ve read this story’s title:

FairNow announced late last week that it has successfully secured $3.5 million in its most recent seed funding round.

According to the official announcement, this investment is poised “to help FairNow further accelerate its mission of equipping enterprises with a deep, purpose-built governance platform that manages AI-related business and regulatory risks.” Notably, the $3.5 million round was backed by what FairNow called “a diverse group of angel investors, entrepreneurs and executives,” including Somen Mondal and Shaun Ricci (who’ve successfully built and exited two enterprise SaaS companies in highly regulated industries).

“While the potential of AI technology is exciting, the top factor holding back wider adoption are business and regulatory risks,” stated Guru Sethupathy, CEO of FairNow. “That’s why our platform helps customers understand and mitigate their AI risk, ensuring compliance with rapidly evolving regulations in a centralized and easy-to-use way.”

On a quick endcap note, what’s known as the EU AI Act’s enforceability is quickly approaching. Thus, FairNow encourages executives to sign up for regulatory updates to stay informed and compliant.

Edited by Greg Tavarez
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