Monitaur, a model governance software company for highly regulated companies and their partners, announced the closing of a $6 million Series A funding round led by Cultivation Capital, with participation from Rockmont Partners and others including Defy VC, Techstars, and Studio VC. This investment will enable Monitaur to accelerate its growth and add talent across functions, according to a company press release.

“Awareness of AI risks and the importance of governance were not fully appreciated when we founded Monitaur in 2019,” said Anthony Habayeb, CEO and co-founder of Monitaur, in the release. “Our vision has been realized into an emerging market over these five years and, thanks to our tremendous team and customers, we are uniquely positioned with proven capabilities and scale for this moment.”

Monitaur’s platform helps highly regulated enterprises build better AI and models that businesses, regulators, and consumers can trust. The company delivers solutions that help enterprises and their partners define, manage, and automate fundamental best practices throughout the modeling project lifecycle.

The company aims to continue serving the unique opportunities and challenges AI brings to the insurance industry. With carriers like Progressive Insurance as well as AI companies like CAPE Analytics and Nayya, Monitaur will continue to help industry and regulators come together to responsibly deliver on the potential for AI in insurance.

Source: Monitaur