The company plans to use the funding to jointly develop solutions with Hewlett Packard Enterprise (HPE). Here are the top-line bullets you need to know.
TruEra, an AI model risk management provider, has raised an undisclosed amount of funding in an extended Series B round that drew participation from Hewlett Packard Pathfinder (HPE’s venture arm).
HOW’S THE COMPANY PERFORMING?
- California-based TruEra enables companies to build and monitor machine learning models that give users insight into the algorithmic decision-making process.
- Some of the company’s customers include the US Air Force, The Financial Times, Nvidia, Standard Chartered, and Forrester.
- The startup maintains offices in Redwood City, Bellevue, Reading, Singapore, and Bangalore.
WHY DOES THE MARKET MATTER?
- The global artificial intelligence (AI) governance market is expected to reach a value of $528M by 2027, growing at a CAGR of 31.97%, according to Mordor Intelligence.
- Mounting consumer concerns surrounding bias and privacy in the use of AI are contributing to growth in this market.
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