BOSTON — March 15, 2023 — Monitaur, an AI governance software company, today announced key advancements in AI governance and assurances for the insurance industry. The company has added customers, partners, board members, and regulatory leadership and secured $4.6 million funding.
“Building responsible and trustworthy AI is a complex challenge for insurance companies,” said Monitaur CEO Anthony Habayeb. “Our strong value proposition, commitment to the broader ecosystem, and shared vision with our new investors are fueling the company’s growth, and we are well-positioned for the future.”
Monitaur was named to the Guidewire Insurtech Vanguards initiative, a community of select startups and technologies bringing transformative solutions to the P&C industry. This recognition enables Monitaur to more deeply connect with and deliver AI governance to leading global P&C companies and the broader ecosystem.
CAPE Analytics selected Monitaur to build its AI governance protocols within a durable and reportable system that allows the company to respond to its clients’ dynamic regulatory needs. “It is clear how intimately Monitaur understands and solves for a holistic model governance approach,” stated Susan Bow, general counsel at CAPE Analytics. “Monitaur’s value is enhanced by their extensive knowledge of the nuances of the insurance industry and its regulations. This combination was a key driver of our decision to use Monitaur.”
Monitaur continues its commitment to the unique regulatory requirements of the insurance industry with the addition of Evan Daniels to its advisory board. Daniels was most recently director of Arizona’s insurance regulatory agency and co-vice chair of the National Association of Insurance Commissioners (NAIC) “H” committee, which oversees regulator collaboration and policy development across key innovation and technology areas, including artificial intelligence and big data.
Additionally, Habayeb was appointed to the IRES Foundation board to promote professionalism and education in the U.S. insurance regulatory community and to educate the private sector about state insurance regulation.
Monitaur secured $4.6 million in funding, led by Cultivation Capital. Rockmont Partners, Presidio Ventures, Plug and Play, and Studio VC also participated in the round.
“We believe that Monitaur is building a critical solution for the betterment of AI,” said John True, general partner at Cultivation Capital and former director at Checkmarx and Llamasoft. “Governance and assurance are strategic business enablers for companies who choose to use AI in manners that impact economies and human lives.” True has joined Monitaur’s board of directors.
Monitaur was founded on the mission to deliver software enablement of governance and assurances as the key driver of trust and confidence in AI. Learn more about their platform at www.monitaur.ai/products.
Monitaur is an AI governance software company that goes beyond good intentions. The Monitaur Machine Learning Assurance Platform helps enterprises and their partners build and deploy responsible AI and machine learning models that business leaders, regulators and consumers can trust. The platform’s integrated products — GovernML, RecordML, MonitorML, and AuditML — empower AI/ML teams to deliver transparency, fairness, safety and compliance for their high-impact systems. For more information, please visit www.monitaur.ai, and follow the company on LinkedIn at www.linkedin.com/company/monitaur.
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As seen on BusinessWire, March 15, 2023, 9:30am EST