FairPlay, a company specialising in AI-driven fairness solutions, has received a USD 10 million investment from Infinity Ventures, JPMorganChase, and Nyca Partners.
The funding follows a reported threefold increase in FairPlay's business in 2024, reflecting growing demand for its technology. The company's tools assist businesses in evaluating and addressing potential biases in AI-driven decision-making processes.
FairPlay states that its technology helps organisations comply with regulatory requirements, improve revenue, and achieve better financial outcomes for consumers. In essence, the latest investment is expected to support the company's efforts in expanding its AI fairness infrastructure.
Infinity Ventures, whose team includes former PayPal corporate development executives, highlighted FairPlay’s traction in the market. Representatives from Infinity Ventures noted that several major banks and Fortune 500 companies have adopted the technology, citing its effectiveness and speed in delivering results.
JPMorganChase’s Impact Finance & Advisory team also participated in the funding round, pointing to the increasing reliance on AI in financial services. The Head of Impact Finance & Advisory at JPMorganChase stated that FairPlay’s products support financial institutions in evaluating their models, expanding credit access, and fostering responsible AI adoption.
Nyca, which had led FairPlay’s Series A funding, also invested in this round. Representatives from Nyca remarked that the company’s growth reinforces the firm’s confidence in its approach to AI solutions. FairPlay officials commented on the investment, saying that the involvement of financial institutions reflects the significance of AI safety in banking and insurance. They added that the funding will enable the company to extend its services to more lenders and insurers.
Founded in 2020, FairPlay provides AI fairness solutions to financial institutions, lenders, insurance providers, and marketers. The company’s technology identifies biases in algorithms and offers automated reassessment tools to improve decision-making processes.
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