Monitaur Uses Industry Traction to Successfully Close $2.6 Million in Funding | #TpromoCom #AI #ArtificialIntelligence #Business | Growing demand for AI and ML solutions in insurance exposes market need for governance, transparency, and auditability https://bit.ly/3ff4Cir
BOSTON, May 11, 2021 (GLOBE NEWSWIRE) -- Monitaur, developer of machine learning (ML) assurance technology, is pleased to announce the company has successfully closed an oversubscribed funding round of $2.6 million that included TechStars, MTech Capital, Hub Angels, and other prominent angel investors, which will accelerate hiring for technical and market-facing teams for insurance, a first mover industry for ML assurance.
Governance initiatives around artificial intelligence (AI) and ML deployments are intensifying because these solutions are increasingly making high-impact decisions about the health, finances, employment, and safety of individuals and must be assured to be fair, safe, compliant, and accountable. Recognizing the potential risks of complex decision systems, the National Association of Insurance Commissioners (NAIC), for example, is ramping regulatory scrutiny focused on protecting consumers from model-based racial and gender bias in underwriting, product development, and pricing.
Visit theTpromoCom Bookstore on Biblio!
Follow us on Social Media or email us: