ModelOp, the leading AI Governance software for enterprises, announced that it raised $10 million in series B equity financing led by Baird Capital with participation from existing investors. ModelOp recently won the 2024 AI Breakthrough Award for “Best AI Governance Platform,” and the investment will expand ModelOp’s team, accelerating go-to-market efforts and product innovation.
Fortune 500 companies and innovative enterprises — including Fidelity Investments, FINRA, and Bristol Myers Squibb — use ModelOp as a single source of truth that provides real-time visibility into AI risk, performance, health, and value. Through automation, ModelOp ensures all AI initiatives are transparent, compliant, and aligned with organizational goals.
“This exciting milestone will fuel the continued growth of our leading AI Governance software,” said Pete Foley, CEO of ModelOp. “Baird Capital is an incredible partner and we’re proud to tap their deep expertise in B2B technology as we help enterprises get started with governance and scale their AI initiatives responsibly.”
This investment follows the new release of ModelOp version 3.3, the third-generation of its software. It includes the world’s first AI Governance Score, giving executives a standardized metric to measure risk and compliance across diverse AI initiatives, regardless of whether an organization is using generative AI, in-house, third-party vendor, or embedded AI systems.
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Generative AI is accelerating digital transformation, but too many enterprises currently find their AI initiatives held back by the risks and operational bottlenecks of not having proper AI Governance. In a widely-cited interview, Accenture’s CEO stated that less than 2% of executives can identify how AI is being used in their companies and its risks.
Furthermore, AI regulations are sharply increasing at the state, federal, and international levels — including the EU AI Act that went into force on August 1 — making compliance a top priority for enterprises.
“We’re very excited to partner with the ModelOp team in their mission to accelerate AI innovation while ensuring appropriate enterprise risk management and regulatory compliance,” said Jim Pavlik, Partner with Baird Capital’s Venture Capital team. “We’ve been extremely impressed by ModelOp’s robust software capabilities, strong leadership and blue chip customer base, and look forward to supporting the company’s future growth.”
With the new capital, ModelOp will build upon its market-leading automation capabilities that establish visibility into AI initiatives and enforce policies consistently to help organizations stay compliant even as regulations evolve rapidly.
SOURCE: PRWeb