FairPlay, a Los Angeles, CA-based provider of a “Fairness-as-a-Service” solution for algorithmic decision-making, raised $10 million in Series A funding.
The round was led by Nyca Companions, with participation from Cross River Digital Ventures, Third Prime, Fin Capital, TTV, Nevcaut Ventures, Monetary Enterprise Studio, and Jonathan Weiner.
The funds intend used to develop its engineering and information science groups and develop its merchandise in the insurance coverage, advertising, and fraud industries.
Company: FAIRPLAY AI, INC.
Raised: $10.0 M
Round: Series A
Funding Month: July 2022
Lead Investors: Nyca Companions
Additional Investors: Cross River Digital Ventures, Third Prime, Fin Capital, TTV, Nevcaut Ventures, Monetary Enterprise Studio, and Jonathan Weiner
Company Website: https://fairplay.ai/
Software Category: "Fairness-as-a-Service" solution
About the Company: Launched in 2020 by CEO Kareem Saleh, FairPlay supplies algorithmic equity options that empower lenders to determine and mitigate bias of their credit score fashions, rising profitability and monetary inclusion. The corporate’s AI equity methods cut back algorithmic bias for folks of coloration, ladies and different traditionally deprived teams to boost equity in monetary companies and different industries. FairPlay provides two APIs. The primary API supplies Equity Evaluation, analyzing a lending mannequin’s inputs, outputs and outcomes to determine if disparities exist and for which traditionally deprived teams. The second API, Second Look, leverages Equity Conscious AI applied sciences to re-underwrite declined mortgage purposes for debtors from protected teams. The know-how assesses whether or not candidates declined by the first algorithm resemble ‘good’ debtors in ways in which weren’t beforehand thought-about. The result’s that extra candidate from underserved teams is responsibly authorized for loans, lowering bias and rising lenders’ profitability.