Monitaur, Model Governance Platform for Highly-Regulated Industries, Raises $6M

Serving both major carriers and insurance industry vendors, Monitaur will use the Series A funding to accelerate growth and staffing across functions.

(Image source: Monitaur website.)

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

Anthony Habayeb, Co-Founder and CEO, Monitaur.

“Awareness of AI risks and the importance of governance were not fully appreciated when we founded Monitaur in 2019,” comments Anthony Habayeb, CEO and co-founder of Monitaur. “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 describes its platform as helping highly regulated enterprises build better AI and models that businesses, regulators, and consumers can trust. The company delivers solutions designed to help enterprises and their partners define, manage, and automate fundamental best practices throughout the modeling project lifecycle. With Monitaur, companies can accelerate innovation with clarity and confidence in the transparency, performance, fairness, safety, and compliance of their modeling systems, a vendor statement says.

Safety at the Core of the Modeling System Lifecycle

John True, Partner, Cultivation Capital.

“Among industries where regulating outcomes of high-impact models is not new, Monitaur has created a product and culture that enables companies to be innovative with AI while keeping performance and safety at the core of the entire modeling system lifecycle,” says John True, Partner, Cultivation Capital. “We are excited to partner with Anthony and the Monitaur team to bring their solution to more customers.”

Monitaur reports more than six-fold growth across revenue, customers, and product utilization in 2023, which the company says gives it a solid platform for this funding and continued growth. In particular, the company is excited to continue serving the unique opportunities and challenges With customer including major carriers, such as Progressive Insurance, as well as AI innovators such as CAPE Analytics and Nayya, Monitaur says it will continue to help industry and regulators come together to responsibly deliver on the promise and potential for AI to better insurance for all stakeholders.

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Anthony R. O’Donnell // Anthony O'Donnell is Executive Editor of Insurance Innovation Reporter. For nearly two decades, he has been an observer and commentator on the use of information technology in the insurance industry, following industry trends and writing about the use of IT across all sectors of the insurance industry. He can be reached at AnthODonnell@IIReporter.com or (503) 936-2803.

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