Accelerating Global Growth and Innovation in AI Governance with $21 Million in New Capital

Today we're announcing an acceleration of our mission to meet the growing needs of the AI governance market. In a world increasingly shaped by artificial intelligence, the imperative for Responsible AI has never been more urgent. At Credo AI, we’ve been at the forefront of this critical mission for the past 4 years, pioneering AI governance and empowering organizations to harness the power of AI while safeguarding trust. 

In 2020, Credo AI embarked on an ambitious mission to govern AI for the betterment of humans. We started by pioneering the concept of AI governance and worked tirelessly to make AI Governance accessible, easier, and faster for companies to demonstrate responsible AI practices and unlock innovation. Our early product included third-party AI assessments and evaluations, including fairness and bias service cards for Amazon Rekognition. 

Since then, we've grown into the leading enterprise AI governance platform, helping global organizations, including Mastercard, Northrop Grumman, Ruffalo Noel Levitz, Booz Allen Hamilton. We have helped these and many more Global 2000 customers increase trust in their AI practices to adopt generative AI faster, manage risk, align on responsible goals, ensure compliance and drive responsible innovation.

Today, as AI continues to evolve at an unprecedented pace, the demand for robust governance has never been more critical. To accelerate our mission and meet the growing needs of our customers, we're thrilled to announce that Credo AI 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 our company’s total funding raised to $41.3 million, underscoring the critical importance of our mission and solidifying our role as a trusted AI advisor in the dynamic AI landscape.

"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."

Unprecedented Growth and Innovation

This infusion of new capital comes at a pivotal moment for Credo AI and the AI industry at large. We not only coined the term AI governance, but our SaaS platform is now becoming the leading choice for Enterprises that want to win with and in AI, responsibly. As AI and Generative AI capabilities advance at lightning speed, the need for governance that builds trust and operationalizes Responsible AI at scale has never been more pressing. With this new investment, Credo AI is set to:

• Accelerate Product Innovation: At the core of our mission is the success of our customers in delivering Responsible AI that serves consumers effectively. I am excited about our product momentum and how we can leverage this capital to deliver more for our customers. We'll continue enhancing our AI Governance platform, focusing on scalability and automation to support our customers in managing new AI regulatory requirements and mitigating novel risks posed by generative AI. Our significant investments in platform extensibility, integrations with technical AI infrastructure, and enterprise GRC tools will ensure seamless incorporation of AI governance into existing enterprise workflows. Additionally, we are expanding our best-in-market AI policy and governance intelligence, providing actionable implementation guidance for key regulations like the EU AI Act and ISO 4200. 
• Expand Global Reach: We're deepening our footprint in key markets across North America, EMEA and APAC. This strategic expansion aligns with emerging global regulations like the EU AI Act, positioning Credo AI to guide global organizations navigate complex AI governance requirements. Our platform will enable companies to innovate responsibly while staying compliant with diverse regional standards, ensuring responsible AI adoption on a global scale. 
• Cultivate top talent: Credo AI was recently recognized as one of Inc.'s Best Workplaces for 2024. Our team has tripled, and we are investing in key hires including recently hiring a new Head of Revenue and GTM, Head of People, and VP of Engineering. We are actively recruiting across multiple departments and levels, from engineering and customer success to policy, product, and marketing. View our open roles here.

Revolutionizing Responsible AI Governance

Our recent product enhancements reflect our commitment to addressing the evolving AI governance landscape. From tackling novel risks posed by generative AI to supporting compliance with new global standards, we're equipping our customers with solutions to accelerate innovation and increase trust. I am particularly excited about these recent product capabilities:

• GenAI Risk and Controls Library: We released the market’s most comprehensive library of AI-specific Risk Scenarios and Controls to anticipate and mitigate negative incidents, allowing you to develop and deploy generative AI systems with peace of mind.
• EU AI Act: We’ve updated the out-of-the-box Policy Packs and questionnaire available in our Platform to support EU AI Act compliance based on the final, published version of the text, to make it easy for organizations to identify which of their AI systems is under scope of the AI Act and exactly what requirements it must meet. We have also expanded these resources to include actionable implementation guidance for each compliance requirement associated with the regulation. 
• ISO/IEC 42001: Our platform now has dedicated policy intelligence for operationalizing ISO/IEC 42001, providing a thorough framework for establishing, implementing, maintaining, and continually improving an AI management system. This enables organizations to certify and showcase the trustworthiness of their AI development and deployment processes.

These product announcements build on top of the features we have introduced to standardize and simplify AI governance for companies of all sizes. This includes AI-focused workflows, AI-powered automations, and purpose-built integrations with your existing AI ops tooling or the state-of-the-art AI tools in the market, so that you can continue innovating responsibly. 

Helping organizations leverage governance as a competitive advantage to adopt and use AI responsibly is core to our credo, and we’ll continue to double down to make Credo AI the single trusted pane of emerging technology governance for companies.

Join Us in Shaping the Future of AI

I want to express my deepest gratitude to our customers, partners, investors, and the incredible Credoers around the globe. Your trust and support have been the bedrock of our journey to date.

As we forge ahead, we are just scratching the surface of our mission to ensure AI serves humanity with integrity. Reach out to learn how Credo AI can support your organization's AI governance needs and explore our careers page for open roles.

Together, we're not just adapting to the AI revolution – we're ensuring it unfolds with integrity, accountability, and trust at its core.