Truera, providers of a Model Intelligence platform, has raised $12 million in Series A funding that will accelerate recruiting, product development, and sales and marketing.
The round was led by Wing VC with participation from returning investors Conversion Capital and Greylock and new investors Data Community Fund, B Capital Group via the firm’s Ascent Fund, and Harpoon Ventures. This brings Truera’s total funding to date to $17.3M.
Truera’s model intelligence software removes the “black box” surrounding Machine Learning (ML) and provides intelligence and actionable insights throughout the ML model lifecycle—enabling companies to improve the quality and accuracy of their models, boost stakeholder collaboration, and address responsible AI concerns including explainability and bias.
Truera’s technology builds on six years of AI Explainability research performed at Carnegie Mellon University (CMU), which pioneered many of the methods that are becoming the standard for explaining popular ML models such as Tree models and Neural Networks.
Building on this research, Truera’s AI explainability technology devised by co-founders Anupam Datta, President and Chief Scientist, Truera and Professor, CMU and Shayak Sen, CTO, addresses deficiencies in the industry’s first-generation Open Source software, enabling faster and more accurate AI explanations and analytics.
The Truera platform is already deployed at and delivering value to a number of early Fortune 100 customers.
“Every company adopting ML struggles to build high quality models that deliver on KPIs and that stakeholders can trust,” said Will Uppington, co-founder and CEO of Truera. “Truera can help. Our model intelligence platform solves these issues during development, model review, testing and ML monitoring. We’re thankful to Wing, Greylock and Conversion Capital for supporting us on this journey.”
The COVID-19 pandemic has highlighted the need for enterprises to manage and monitor AI model quality, as models around the world broke as a result of rapidly changing market conditions.
Truera not only helps enterprises build higher quality models during development, but also helps them monitor them in production on a continuous basis, flagging any potential problems that could impact performance, even when updated labels and re-training is not possible.
For more information about this news, visit https://truera.com/.