Monitaur, a sophisticated model governance software company for highly regulated companies and their partners, announced closing 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 funding will enable Monitaur to accelerate its growth and add talent across functions.
The company’s platform helps regulated enterprises build better AI and models that businesses, regulators, and consumers can trust. It delivers solutions that enable enterprises and their partners to 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.
Monitaur’s growth across revenue, customers, and product utilization grew over six times last year. And with this funding round, the company plans to continue serving the unique opportunities and challenges AI brings to the Insurance industry. Through major carriers like Progressive Insurance and 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.
KEY QUOTES:
“Awareness of AI risks and the importance of governance were not fully appreciated when we founded Monitaur in 2019. 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.”
- Anthony Habayeb, CEO and co-founder of Monitaur
“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. We are excited to partner with Anthony and the Monitaur team to bring their solution to more customers.”
- John True, Partner at Cultivation Capital and leaders of this milestone funding
