Seven months after announcing seed funding, Credo AI says it has raised $12.8 million in a Series A round that was led by Sands Capital and also included Decibel and AI Fund.
This brings the San Francisco startup's total funding to over $18 million.
Credo AI was co-founded in 2020 by CEO Navrina Singh and CTO Eli Chen as a way to bring better oversight and governance to the artificial intelligence industry across three levels: product, business and regulatory.
Singh and Chen both have extensive engineering experience and previously worked at large tech companies including Qualcomm, Microsoft, Twitter and Netflix.
“AI truly is one of those destructive forces that needs a lot of nurturing and accountability and oversight,” Singh told me in October. “I am a strong believer that right now it is becoming one of the enterprise priorities, not only because of the board and C-level focus, but because there is such a huge opportunity, as well as unintended consequences. The next frontier on the hallmark of trusted brands is going to be good governance.”
Several years ago, they began realizing that more oversight was need for AI systems which tend to produce unintended consequences when scaled.
Credo AI provides customers in highly regulated industries like banking, insurance and defense with "continuous governance" by creating a log that can be audited.
“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," Sands Capital partner Scott Frederick said in a statement.
The company says that this new funding will help it build out its responsible AI governance platform and respond to emerging standards and regulations around AI.
