Responsible AI platform Credo AI secured $12.8M in Series A Funding round

Credo AI, a California-based provider of a Responsible AI (RAI) Governance Platform, has now secured $12.8 million in a Series A funding round.

Credo AI was founded by Navrina Singh and Eli Chen in the year 2020. It brings context-driven governance and risk assessment to ensure compliant, transparent, fair, and auditable development and use of AI. Its intelligent SaaS platform empowers enterprises to monitor, measure and manage AI introduced risks at scale. Its client base includes AI-First and Global 2000s across Finance, Retail, Defense, Insurance, Banking, and High Tech.

Scott Frederick, Partner at Sands Capital, said, "Credo AI is at the forefront of the Responsible AI movement with a leadership team whose primary mission is to help organizations create AI systems with the highest ethical standards. AI has the power to augment essentially every part of our lives but can cause irreparable damage to our society without proper governance. Credo AI helps enterprises on their Responsible AI governance journey by bridging the gap between their technical and business stakeholders to successfully keep AI applications compliant and aligned with industry-specific standards."

JoAnn Stonier, EVP, and Chief Data Officer, Mastercard, said, "Mastercard has been an early champion of Responsible AI development and governance and has been committed to the ethical use of data to power a wide range of business results as well as drive financial and inclusion across the world. We are committed to constantly evaluating our efforts in this area and are happy to be partnering with Credo AI's Responsible AI platform to extend our governance model further. These types of partnerships, tools, and techniques assist us in furthering our governance process while improving our time to market."

The round was backed by Sands Capital, with follow-on investments from existing investors Decibel and AI Fund.

The AI startup, as of now, has plans to use the new funds to accelerate product development and strengthen its technology policy function to support emerging AI standards and regulations across the globe, notes the announcement.