Fairly AI is a company that helps companies manage the risks of their AI systems. The company’s platform benchmarks a company’s AI models and datasets against internal and external policies, as well as relevant standards and regulations. This helps companies identify and mitigate risks before they cause problems.
Fairly AI’s platform is designed to be easy to use for people who don’t have a background in AI. The company was founded in 2020 and has already raised $1.7 million in funding.
One of the biggest challenges in managing AI risk is ensuring that AI developers and business decision makers are on the same page. AI developers may be focused on the technical aspects of AI systems, while business decision makers may be more concerned with the business risks. Fairly AI’s platform helps to bridge this gap by providing a common language and framework for both groups to communicate.
Fairly AI’s platform also helps companies to comply with relevant regulations. As AI becomes more widely used, governments are increasingly developing regulations to govern its use. Fairly AI’s platform can help companies to identify and comply with these regulations.
Fairly AI’s marketplace includes frameworks and governance, risk and compliance processes from other industries, mainly the financial services industry. These frameworks and processes are adapted and extended to AI, providing companies with a clear path to production. The marketplace also includes policies and controls from partners, including the Partnership on AI and not-for-profit Responsible AI Institute.
The launch of Fairly AI’s marketplace for AI policies and controls is a significant development for the AI industry. The marketplace aims to help companies better understand their AI risk by providing them with a clear path to production. As policymakers contemplate ways to standardize AI regulation, Fairly AI’s marketplace is a step in the right direction towards ensuring the safe and responsible deployment of AI.