Earlier this week noted explainable AI engine startup Fiddler Labs announced that they have raised $10.2 million in Series A funding to accelerate their work in building breakthrough artificial intelligence engine with explainability at its heart.
Lightspeed Venture Partners and Lux Capital led this round, with participation from Haystack Ventures and Bloomberg Beta.
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Founded in October 2018 by CEO Krishna Gade and CPO Amit Paka, Fiddler addresses the rising risks and costly implications of not having visibility and insight into how AI works. Explainability, says Fiddler Labs, is the missing link and the key reason why many businesses find the deployment of AI cumbersome and risky.
The Fiddler Explainable AI Engine gets ahead of this by enabling companies to better understand why their machine learning and AI models make the decisions they do. Fiddler is the first startup to bring true explainability to the enterprise – the art of understanding, analyzing, validating, and monitoring AI solutions at the scale required in the modern business environment.
Gade said in a statement, “Businesses understand the value AI provides, but they struggle with the ‘why’ and the ‘how’ when using traditional black-box AI… Businesses need to de-risk their AI investments, but most applications today aren’t equipped to help them do that. Our AI Engine is grounded in explainability, so those affected by the technology can understand why decisions were made and course-correct as needed to ensure the AI outputs are ethical, responsible and fair.”
Given the rising importance of explainability in the AI lifecycle, the company has raised a total of $13.2 million, including a $3 million seed round raised in October 2018 led by Lightspeed with participation from Bloomberg Beta and Haystack. The company is working with several businesses in Fintech, AI model risk management, and trust and compliance teams on active proof of concepts and expect to announce the general availability of the Fiddler Explainable AI Engine early next year.