PALO ALTO, Calif.--(BUSINESS WIRE)--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.
