Truera raises $12 million for its AI explainability platform

Truera, a startup developing a machine learning model intelligence platform, today announced it has raised $12 million. The company says it will put the funds toward product R&D and expanding its geographic footprint. According to a McKinsey survey, while 39% of executives say their companies recognize the risks associated with lack of "explainability," or the ability to explain how AI models come to their decisions, only 21% say they're taking steps to actively address the issue. But a separate report implies that "trustworthy AI" is fast becoming a business imperative. An IDC report found that business decision-makers believe fairness, explainability, robustness, data lineage, and transparency -- including disclosures -- are "critical requirements" in AI that need to be addressed now. Truera's technology builds on six years of AI explainability research undertaken at Carnegie Mellon University.