FairNow, a leading McLean, Virginia-based provider of AI governance software, announced that it has secured $3.5 million in a seed funding round. The funding will help FairNow accelerate its mission of equipping enterprises with a governance platform that manages AI-related business and regulatory risks.
The $3.5 million seed round was backed by a diverse group of angel investors, entrepreneurs, and executives in AI, HR, and financial services. This funding round was led by Somen Mondal and Shaun Ricci, who have successfully built and exited two enterprise SaaS companies in highly regulated industries. And they recognized the critical need for AI governance in the market and believe in FairNow’s skilled team and technology.
Along with its technology solutions, FairNow is committed to educating and empowering organizations on AI governance, regulatory compliance, and building trust.
With the EU AI Act’s enforceability quickly approaching, FairNow encourages executives to sign up for regulatory updates to stay informed and compliant.
KEY QUOTES:
“While the potential of AI technology is exciting, the number one factor holding back adoption is business and regulatory risk. Our platform helps customers understand and mitigate their AI risk, ensuring compliance with rapidly evolving regulations in a centralized and simplified way.”
– Guru Sethupathy, CEO of FairNow
“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.”
– COO Lisa Goldman
“FairNow alleviates that burden, letting builders focus more on creating and less on compliance.”
– CEO Guru Sethupathy
