FairPlay, which is a Fairness-as-a-Service company, announced a $10 million investment from Infinity Ventures, JPMorganChase, and Nyca Partners. This funding comes as FairPlay reports a threefold increase in business in 2024, demonstrating robust market demand for its AI safety solutions.
FairPlay helps companies using AI to make high-stakes decisions about consumers’ lives identify and correct blind spots in their decision-making systems. Customers find that the product increases revenue, enables them to stay compliant with regulations, and improves financial health outcomes for consumers.
This new funding round will accelerate FairPlay’s mission of building fairness infrastructure for the Internet, thus creating greater safety for all consumers in today’s race to AI adoption.
KEY QUOTES:
“FairPlay’s innovative fairness-as-a-service approach has demonstrated remarkable traction in the market. We’ve been particularly impressed by the caliber of institutions adopting FairPlay — including several of the top banks and Fortune 500 companies—because of its robustness and ability to deliver results faster. We believe FairPlay’s technology will become a tool for many institutions using AI to make important decisions.”
- Jay Ganatra, partner at Infinity Ventures
“FairPlay has built an impressive set of products to help its customers evaluate their models, broaden credit access, and strengthen the financial services ecosystem so that institutions of all sizes can adopt responsible AI practices.”
- Shuman Chakrabarty, Head of Impact Finance & Advisory at JPMorganChase
“As early investors in FairPlay, we’ve watched the company consistently execute on its vision. Their impressive growth validates our long-standing conviction in both their mission and their ability to deliver pioneering AI solutions to the market.”
- Jeremy Solomon, partner at Nyca
“This investment from a leading group of investors and financial institutions underscores the growing importance of AI safety in the banking and insurance sectors. We’re thrilled to have the support of such prestigious investors as we enter our next phase of growth. This funding not only validates our mission but also enables us to help more lenders and insurers make decisions that benefit their businesses and their customers.”
- Kareem Saleh, CEO of FairPlay
