FairNow Secures $3.5M for AI Governance Expansion

FairNow Secures $3.5 Million Seed Funding to Advance AI Governance
MCLEAN, Va., June 20, 2024 — FairNow, a prominent provider of AI governance software, has successfully raised $3.5 million in a seed funding round. This funding aims to accelerate FairNow’s mission to help enterprises manage AI-related business and regulatory risks through their governance platform.
CEO Guru Sethupathy emphasized the importance of mitigating AI risks to encourage adoption and compliance with evolving regulations. COO Lisa Goldman highlighted that FairNow streamlines AI governance, allowing developers to focus on innovation rather than compliance burdens.
The funding round was led by Somen Mondal and Shaun Ricci, experienced entrepreneurs in regulated industries, and included diverse investors from AI, HR, and financial services sectors. The investment underscores the critical need for robust AI governance solutions in the market.
FairNow’s platform centralizes AI compliance efforts, ensuring that AI models are fair, compliant, and audit-ready. The company also focuses on educating organizations about AI governance and regulatory compliance.
With the upcoming EU AI Act, FairNow encourages executives to stay informed by signing up for regulatory updates.
For more information on FairNow and its offerings, visit www.fairnow.ai.