While artificial intelligence (AI) tech has advanced significantly in recent years, many areas still exist where a lack of human oversight is obvious, from error-riddled data to unintentionally biased algorithms. NYC-based Arthur wants to help enterprises improve the performance of their critical AI models. Backed by fresh funding from Acrew Capital and Greycroft Ventures, the company’s mission is well underway.
Arthur’s solution monitors and measures AI-powered models for enterprises, working to optimize their models for accuracy, explainability and fairness. The company pulled in $42 million in an oversubscribed Series B funding round on Tuesday. It’s building out its platform in time with the growing adoption of AI software solutions.
“The first companies to become AI-native will be the leaders for decades to come,” Adam Wenchel, Arthur’s CEO, said in a statement. “We are fortunate to be working with some of the most AI-forward partners out there, who have provided invaluable feedback to make our platform even better.”
As companies continually develop solutions centered around natural language processing, computer vision, machine learning and related applications, the global market for AI software has grown from a $53.5 billion valuation in 2021 to an expected $850.6 billion by 2030, as found by Verified Market Research.
In line with this projection, Arthur has recorded significantly heightened demand for its AI infrastructure and has been growing quickly. During the first half of the year, the company said it saw 235 percent recurring regrowth.
Its new funding will help Arthur scale within research and development to meet the increased client demand for its solution. Its client base has recently come to include the U.S. Department of Defense.
This latest funding round brings Arthur’s total venture capital raised to more than $60 million, according to the company. The recent raise saw participation from investors including Index Ventures, BAM Elevate, Work-Bench and Plexo Capital.
