Credo AI, a global leader in AI governance software, announced that it has raised €19.4 million in new capital from CrimsoNox Capital, Mozilla Ventures, and FPV Ventures with participation from existing investors Sands Capital, Decibel VC, Booz Allen Hamilton, and AI Fund.
This brings the company’s total funding raised to $41.3 million. The company also made strategic additions to its leadership team across People, Go-to-Market (GTM), and Engineering, and plans to use the new capital to continue scaling amid rapidly growing global needs for responsible AI use and safety.
In addition to bolstering its leadership team, Credo AI will use the new funding to expand its strategic GTM efforts, intensify product innovation in governance intelligence, and enhance its capability to serve as the central hub for AI governance. This includes significant investments in purpose-built integrations aimed at automating governance processes across industry-leading MLops and LLMops tools, ensuring seamless alignment with evolving industry standards and regulatory frameworks. These initiatives will reinforce Credo AI’s commitment to enabling organizations worldwide to adopt AI responsibly while driving AI innovation and operational efficiency.
“We are past the AI hype cycle and organizations now find themselves at a critical inflection point where they are expected to capitalize on AI systems, but don’t feel equipped to address mounting fears about safety and a growing laundry list of emerging rules for them to comply with. Governance is the key that unlocks the full potential of generative AI,” said Navrina Singh, CEO and Founder of Credo AI.
Since its founding and pioneering of the AI Governance category in 2020, Credo AI has made massive leaps in its mission to ensure AI is always in service to humanity, with a relentless focus on advocating for humans where AI algorithms are used. Credo AI’s robust growth underscores its pivotal role in shaping the future of AI governance. The company has tripled its revenue this year, and has grown its team by 3x including a new Head of Revenue and GTM, Mike Rogers, Head of People, Jessica Amato, and VP of Engineering, Benjamin Zamora.
Leading AI enterprises including Mastercard, Northrop Grumman, Ruffalo Noel Levitz, and Booz Allen Hamilton trust Credo AI’s software to provide both technical and non-technical stakeholders the ability to manage, monitor and measure AI risks.
“Organizations of all sizes, all over the world, want to embrace AI innovation while acting responsibly and maintaining compliance in a fast-evolving regulatory landscape,” commented Mohamed Nanabhay, Managing Partner at Mozilla Ventures. “Using Credo AI, leaders at these organizations can implement compliance and safety measures across the entire AI product lifecycle. Beyond compliance, Credo AI provides a foundation for organizations to innovate while considering (and mitigating) the unintended consequences of new AI systems”.
“We are honored to support Credo AI in their mission to safeguard society amidst the rapid surge in AI investment and innovation,” added Yong Aik Gan, CEO of CrimsoNox Capital. “As we stand on the brink of an era where AI’s transformative potential knows no bounds, it is imperative that our dedication to safety and ethical considerations matches our zeal for progress. Ensuring that technological advancements benefit humanity without causing harm is a responsibility we embrace with conviction.”
Read the orginal article: https://www.eu-startups.com/2024/07/brussels-based-credo-ai-raises-e19-4-million-to-match-the-rapid-pace-of-ai-with-responsible-governance/
