TruEra, a startup that offers an AI quality management solution to optimize, explain and monitor machine learning models, today announced that it has raised a $25 million Series B round led by Menlo Ventures. Existing investors Greylock Partners, Wing Venture Capital (which led its $12 million Series A round in late 2020), Harpoon Ventures, Conversion Capital, the Data Community Fund, as well as new investors Forgepoint Capital and the B Capital Group's Ascent Fund also participated in this round. In total, TruEra has now raised $42.3 million. "We believe that the next big challenge in AI is the quality challenge," TruEra CEO and co-founder Will Uppington said. "AI is at an inflection point: lots of opportunities but also a lot of challenges to make AI actually work in the enterprise. And we think that's the major issue that's preventing AI systems from getting into real-world use and actually delivering on KPIs."

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.