Sunrise AI – an AI-powered fintech company co-founded by Deepak Shrivastava and Xi Palazzolo – recently announced the successful closure of its pre-seed funding round led by Andrew Ng’s AI Fund. This funding round will propel Sunrise AI’s mission to revolutionize credit assessment and enhance access to capital for individuals and businesses.
Sunrise AI’s proprietary AI suite transforms the conventional credit scoring landscape. And it boasts a 96% accuracy rate in forecasting a borrower’s ability to repay a debt obligation. Unlike traditional credit scoring services, Sunrise AI utilizes machine learning technology to analyze a diverse range of user-permissions data sources, including robust open banking and macroeconomic data, unlocking a more inclusive and fair evaluation of creditworthiness.
SunScore – the company’s first product – equips property owners with an advanced risk management solution to deter rental fraud, uncover accurate credit insights, and enhance lease income analytics.
Launched in 2017 by Dr. Andrew Ng, AI Fund boasts a capital pool of $176 million – backed by leading venture capital firms, including Greylock Partners, Sequoia Capital, New Enterprise Associates (NEA), and Softbank Group.
Sunrise AI’s founders established an Advisory Board to guide the transparency and responsibility of building ethical AI solutions as part of a collective effort to create more financial inclusion and equity. The founding members are Fenaba Addo, Ph.D. (Associate Professor of Public Policy at the University of North Carolina-Chapel Hill), Bryce Goodman, Ph.D. (Chief Strategist for AI/ML at the United States Department of Defense), John K. Johnson (Chief Innovation Officer at Schulte Roth & Zabel & former Global Head of Compliance at Spotify), and Chris Wiggins, Ph.D. (Chief Data Scientist at The New York Times & Associate Professor at Columbia University).
With this funding round, the company plans to refine its AI models further, enrich its product offerings, and expand its operations to serve a broader audience beyond real estate.
KEY QUOTES:
“Technology can shine new light into opaque financial systems. Deepak, Xi, and team have a compelling vision of using AI to create a fair and inclusive financial system for all, and AI Fund is thrilled to support Sunrise AI to realize this vision.”
— Andrew Ng, Managing General Partner at AI Fund
“This investment will enable us to accelerate the development of our AI-driven solutions and reach more underserved and excluded communities in need of fair and accessible financial services.”
— Deepak Shrivastava, Co-founder and CEO of Sunrise AI
