Credo AI has announced a successful raise of $21 million in new funding from CrimsoNox Capital, Mozilla Ventures, and FPV Ventures, with continued support from more existing investors. The new capital will be used to scale operations and meet the escalating global demand for responsible and safe AI usage, as well as to expand the leadership team in People, Go-to-Market (GTM), and Engineering.
"Governance is the key that unlocks the full potential of generative 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,” said Navrina Singh, CEO and Founder of Credo AI.
Meeting the growing demand for responsible AI
As global investment in AI is projected to reach $200 billion by 2025, numerous regulations are being implemented to ensure AI systems are safe and do not cause unintended harm. Despite the rapid adoption of AI, a global study by Deloitte found 56% of respondents are uncertain whether their organizations have established ethical guidelines, and IDology's research showed that nearly half of companies are deeply concerned about AI’s potential to create more believable fraudulent identities. Recent headlines highlight the consequences of neglecting AI governance.
Future plans
The new funding will enable Credo AI to expand its GTM strategies, drive product innovation in governance intelligence, and enhance its role as the central hub for AI governance. This includes significant investments in integrations that automate governance processes across industry-leading MLops and LLMops tools, ensuring alignment with evolving standards and regulations.
Credo AI has recently launched multiple solutions, such as the AI Risk and Controls Library and AI Registry, aimed at streamlining the swift governance and safe deployment of AI systems.
