Credo AI, a global leader in AI governance software, today
announced that it has raised $21 million in new capital from
CrimsoNox Capital, Mozilla Ventures, and FPV Ventures with
participation from existing investors Sands Capital, Decibel VC,
Booz Allen Hamilton, and AI Fund. This brings the company’s total
funding raised to $41.3 million. The company also made strategic
additions to its leadership team across People, Go-to-Market (GTM),
and Engineering, and plans to use the new capital to continue
scaling amid rapidly growing global needs for responsible AI use
and safety.
Global investment in AI is estimated to reach $200 billion by
2025, and with this boom comes a myriad of emerging regulations and
laws at the international, federal, and local levels (including the
EU AI Act, President Biden’s Executive Order on AI safety, New York
City Local Law No.144, and most recently the passing of
comprehensive AI safety legislation in the U.S. state of Colorado),
all aimed to ensure that these increasingly ubiquitous AI systems
do not cause unintended harm.
A global study by KPMG found that about 75 percent of consumers
are concerned about the potential risks of AI, and McKinsey's
recent research revealed that 63 percent of organizations view the
implementation of generative AI as a top priority, yet 91 percent
feel ill-prepared to navigate its challenges responsibly. In
parallel, there has been an onslaught of headlines around the world
about companies not putting proper safeguards in place, exposing
the consequences that a lack of attention to and investment in AI
governance can have on society.
"We are past the AI hype cycle and organizations now find
themselves at a critical inflection point where they are expected
to capitalize on AI systems, but don’t feel equipped to address
mounting fears about safety and a growing laundry list of emerging
rules for them to comply with. Governance is the key that unlocks
the full potential of generative AI,” said Navrina Singh, CEO and
Founder of Credo AI. “Across the Credo AI customer base, we are
seeing hundreds of AI use cases for functions ranging from risk
management to customer engagement to marketing to search and
beyond. As organizations race to harness AI's transformative power,
they face mounting pressures to navigate a complex web of
regulations and societal expectations. At Credo AI, we empower
enterprises to not only manage AI risks effectively but also to
foster innovation responsibly.”
Since its founding and pioneering of the AI Governance category
in 2020, Credo AI has made massive leaps in its mission to ensure
AI is always in service to humanity, with a relentless focus on
advocating for humans where AI algorithms are used. Credo AI's
robust growth underscores its pivotal role in shaping the future of
AI governance. The company has tripled its revenue this year, and
has grown its team by 3x including a new Head of Revenue and GTM,
Mike Rogers, Head of People, Jessica Amato, and VP of Engineering,
Benjamin Zamora.
Leading AI enterprises including Mastercard, Northrop Grumman,
Ruffalo Noel Levitz, and Booz Allen Hamilton trust Credo AI's
software to provide both technical and non-technical stakeholders
the ability to manage, monitor and measure AI risks. In 2024, Credo
AI announced its partnership with Databricks, bringing together its
AI governance platform with the Databricks Data Intelligence
Platform, making it easier for customers to adopt responsible,
compliant, and safe AI at scale. They also recently forged a
partnership with McKinsey to empower their clients with tailored
solutions to support AI risk management and governance. Credo AI
was named to Fast Company’s list of the world’s 50 Most Innovative
Companies for its leading AI governance platform.
“Organizations of all sizes, all over the world, want to embrace
AI innovation while acting responsibly and maintaining compliance
in a fast-evolving regulatory landscape,” said Mohamed Nanabhay,
Managing Partner at Mozilla Ventures. “Using Credo AI, leaders
at these organizations can implement compliance and safety measures
across the entire AI product lifecycle. Beyond compliance, Credo AI
provides a foundation for organizations to innovate while
considering (and mitigating) the unintended consequences of new AI
systems”.
"We are honored to support Credo AI in their mission to
safeguard society amidst the rapid surge in AI investment and
innovation," stated Yong Aik Gan, CEO of CrimsoNox Capital.
"As we stand on the brink of an era where AI's transformative
potential knows no bounds, it is imperative that our dedication to
safety and ethical considerations matches our zeal for progress.
Ensuring that technological advancements benefit humanity without
causing harm is a responsibility we embrace with conviction."
"The Responsible AI movement finds its strongest industry
advocate in Credo AI, championing holistic governance that
integrates multi-stakeholder oversight. Their remarkable progress
underscores the urgency for enterprises to embark on their
Responsible AI governance journey,” said Scott Frederick,
Managing Partner at Sands Capital. “Credo AI has successfully
guided numerous organizations in aligning AI applications with
industry-specific standards and regulations, ensuring swift and
safe adoption."
“We are seeing AI adopted across companies of all stages, and
compliance and governance will be critical to the long-term success
of these initiatives regardless of the vertical,” said Jon
Sakoda, Founding Partner at Decibel VC. “Credo AI gives its
customers the foundation for long-term success of their AI
initiatives, leading the industry in responsible AI and setting the
global standards for its safe and sustainable use.”
"Everyone is talking about the business opportunities for AI,
but for real-world implementation, accountability is key to
realizing its full potential. Customers, boards, executives, and
organizations need to trust the new AI systems they deploy and
Credo AI gives them the accessibility and legality needed for
critical needle-moving AI use cases," said Pegah Ebrahimi,
Co-Founder and Managing Partner of FPV Ventures.
In addition to bolstering its leadership team, Credo AI will use
the new funding to expand its strategic GTM efforts, intensify
product innovation in governance intelligence, and enhance its
capability to serve as the central hub for AI governance. This
includes significant investments in purpose-built integrations
aimed at automating governance processes across industry-leading
MLops and LLMops tools, ensuring seamless alignment with evolving
industry standards and regulatory frameworks. These initiatives
will reinforce Credo AI's commitment to enabling organizations
worldwide to adopt AI responsibly while driving AI innovation and
operational efficiency.
Businesses looking to implement responsible AI governance while
maximizing ROI can visit https://www.credo.ai/get-started.
About Credo AI
Credo AI is on a mission to empower organizations to responsibly
build, adopt, procure, and use AI at scale. Credo AI’s pioneering
AI Governance, Risk Management and Compliance platform helps
organizations measure, monitor and manage AI risks, while ensuring
compliance with emerging global regulations and standards, like the
EU AI Act, NIST, and ISO. Credo AI keeps humans in control of AI,
for better business and society. Founded in 2020, Credo AI has been
recognized as a Fast Company Most Innovative Companies 2024, Inc.
Best Workplaces 2024, Fast Company Next Big Thing in Tech 2023, CB
Insights AI 100, CB Insights Most Promising Startup, Technology
Pioneer by the World Economic Forum, and a top Intelligent App 40
by Madrona, Goldman Sachs, Microsoft and Pitchbook. To learn more,
visit: credo.ai or follow us on LinkedIn.
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MEDIA CONTACT Ali Moore ali@cmand.co