Today, we’re excited to announce that TruEra has raised $25 Million in Series B financing! The investment round was led by Menlo Ventures with participation from existing investors Greylock Partners, Wing Venture Capital, Harpoon Ventures, Conversion Capital, and the Data Community Fund. We also proudly welcome new investors Forgepoint Capital and the B Capital Group’s Ascent Fund.
Tim Tully, the former CTO of Splunk and now a Menlo Ventures partner, will join the board. We are excited to have Tim join us, due to his depth of technical expertise and his insights into how to build products that users, and especially developers, love.
This funding fuels our ambition to help every enterprise data scientist solve the pervasive challenges of AI Quality. Since we started TruEra, it’s become clear that enterprise AI is at an inflection point. AI represents a huge opportunity to transform almost every business. However, organizations are struggling to deploy systems that consistently achieve business success. AI adoption is not scaling effectively as a result. While there are multiple facets to this problem, we believe the most significant challenge businesses are facing in their adoption of AI is the AI quality challenge.
Organizations find it hard to build high quality models that deliver on KPIs, as evidenced by well-publicized examples like the Zillow Offers $500M loss. Concerns around trust, transparency and fairness around AI are increasing; regulators and legislators are increasing their scrutiny of AI, as seen by the NYC AI in hiring law and the proposed EU Artificial Intelligence Act. And organizations have been struggling to maintain the quality and performance of ML models amidst sudden economic and behavioral changes resulting from events like the Covid pandemic and the war in Ukraine.
Solving this AI Quality challenge is TruEra’s mission. It requires building AI Quality software that comprehensively evaluates and monitors all aspects of AI Quality across the lifecycle, from development through to production. For more background on the key elements of AI Quality, please read Anupam Datta’s article “What is AI Quality? A framework.” Solving the AI quality challenge also requires going beyond the current capabilities of open source explainability software and building innovative solutions to ML problems like root cause analysis of bias and drift. Importantly, AI quality management solutions need to be easy for data scientists and ML engineering teams to deploy, integrate and use.
We are excited to use our new funding to further extend our market-leading differentiation and to continue to build the best AI quality software in the market. We have some exciting plans for making our software even easier to use for our data scientist and ML team customers. Look for more details from us soon!
We would like to thank our customers for helping us to achieve this milestone – including Standard Chartered Bank, HarperCollins, and Belcorp, among other leading firms in financial services, technology, retail, government, and insurance. Our customers inspire us every day, with their dedication to building high quality AI.
We would also like to thank our amazing TruEra team. We are grateful that you are on this journey with us, and deeply appreciate all of the intelligence, dedication, and friendly camaraderie that you bring to your work. The unique breadth and depth of our solutions are entirely due to your continued effort and innovation.
If you are looking for a new challenge and want to join an innovative, creative, and fast-growing team, please check out our job openings here.
– Anupam Datta, Shayak Sen, and Will Uppington