Fairly AI Raises CAD$2.2 Million in Funding

by Kay Aloha Villamor in April 21st, 2023

Fairly AI, a Kitchener, Canada-based company that has built an oversight and risk management platform for AI, raised a CAD$2.2 million funding round led by Flying Fish Partners. 

Other backers in the round were Backstage Capital, X Factor Ventures, Loyal VC, NEXT Canada, and a few unnamed strategic angels. The funds from the raise will go toward sales and marketing

Fairly AI COO and co-founder Fion Lee-Madan told BetaKit, “We are not here to stop or slow down innovation. We’re here to help accelerate the safe adoption of AI.”

Fairly’s software is designed to automate risk management in the development of AI models to help them proactively comply with regulations and mitigate safety and privacy concerns. The company claims this will make it easier to apply policies and controls early in the development process and continue to use them throughout the entire product life cycle.

Company: Fairly AI, Inc. 

Raised: CAD$2.2M

Round: Unknown

Funding Month: April 2023

Lead Investors: Flying Fish Partners

Additional Investors: Backstage Capital, X Factor Ventures, Loyal VC, and NEXT Canada

Company Website: https://www.fairly.ai/

Software Category: Oversight and Risk Management Platform

About the Company: Fairly AI provides an oversight and risk management platform for AI/ML enables technology and policy experts to bridge AI oversight gaps and features information reporting and testing, policies, and built-in controls for fairness and bias testing. Fairly’s platform enables technology and policy experts to connect and collaborate, bridging the AI oversight gap seamlessly by making it easy to apply policies and controls throughout the model lifecycle. Fairly AI is on a mission to democratize safe, secure, and speedy AI across the enterprise. The company was formally incorporated in April 2020 and is a global operation with headquarters in Kitchener-Waterloo, Ontario, Canada.

Source: https://betakit.com/fairly-ai-raises-2-2-million-cad-to-help-ai-firms-comply-with-forthcoming-regulatory-requirements/

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