TruEra, a Redwood City, California-based artificial intelligence startup, that provides the first suite of AI Quality management solutions for AI explainability and model quality, announced that it closed a $25 million in Series B funding.
The round was led by Menlo Ventures, with participation from existing investors Greylock Partners, Wing Venture Capital, Harpoon Ventures, Conversion Capital, the Data Community Fund, and new investors Forgepoint Capital and the B Capital Group’s Ascent Fund.
TruEra – which has now raised $42.3 million to date, will use the funds for expanding product development, sales, marketing, and customer success initiatives.
Company: TruEra Inc.
Round: Series B
Funding Month: March 2022
Lead Investors: Menlo Ventures
Additional Investors: Greylock Partners, Wing Venture Capital, Harpoon Ventures, Conversion Capital, the Data Community Fund, Forgepoint Capital, and the B Capital Group’s Ascent Fund
Company Website: https://truera.com/
Software Category: AI Quality management solutions
About the Company: TruEra provides the first suite of AI Quality solutions that help enterprises analyze machine learning, improve and monitor model quality, and build trust. Powered by enterprise-class Artificial Intelligence (AI) Explainability technology based on six years of research at Carnegie Mellon University, the TruEra platform helps eliminate the black box surrounding widely used AI and ML technologies. This visibility leads to higher quality, explainable models that sustainably achieve measurable business results, address unfair bias, and ensure governance and compliance. In March 2021, the company was named to Fast Company’s Annual List of the World’s Most Innovative Companies for AI. The technology foundation for the company traces its origin to work by TruEra co-founders Anupam Datta and Shayak Sen at Carnegie Mellon University. Recently, TruEra forged new partnerships with New Relic, which has integrated TruEra monitoring alerts into its software monitoring dashboards, and NVIDIA, as part of its NVIDIA Inception program.