A leading company, Seldon, has announced their $20 million fundraise for their Series B. This funding by a new investor, Bright Pixel Capital, is a major milestone for the continuation of XAI software development. The growth of artificial intelligence (AI) in many common industries has come with concerns about the lack of transparency and interpretability of these systems.
Founded in 2014, Seldon was established with the goal of creating an ethical AI system. Customers using Seldon’s technology gain a better understanding of how their AI systems are making decisions, allowing them to identify potential biases or errors in the decision-making process. One area where Seldon’s technology is prevalent is the fight against AI Cyber-attacks.
The new $20 million funding in Series B is aimed at accelerating the company’s growth and expanding its reach. Focusing on four critical factors for AI success that matters to their customers include:
- Enterprise-grade infrastructure that is robust, scalable, secure
- Unlocking the full value of data
- Streamlined collaboration across AI teams
- Strong governance capabilities
What does the Series B funding mean for the wider community? Well firstly, for customers it means that Seldon will have more resources to invest in its technology which thus produces more robust and effective XAI tools. The funding is also a strong indication of the importance of XAI. As AI systems become more prevalent in our daily lives, the need for XAI will also continue to grow. By investing in XAI technology, companies like Seldon are helping to ensure that AI systems are transparent, ethical and better suited for all critical scenarios.
Seldon’s technology has already been recognised by industry experts. In 2020, the company was named a Cool Vendor in AI Core Technologies by Gartner. This recognition is a testament to effectiveness and importance of Seldon’s XAI advancements.
