FairNow

About FairNow

Provides an AI governance platform that centralizes AI risk management, enabling organizations to track model inventories, conduct bias audits, and ensure compliance with regulations like the EU AI Act and ISO 42001. The platform automates reporting, risk assessment, and compliance tracking, reducing manual effort and ensuring organizations can scale their AI initiatives while meeting regulatory requirements.

<problem> Organizations struggle to maintain oversight of their AI systems, leading to difficulties in tracking model inventories, conducting bias audits, and adhering to evolving AI regulations like the EU AI Act and ISO 42001. Manual processes for AI governance are time-consuming and prone to errors, hindering the ability to scale AI initiatives responsibly. </problem> <solution> FairNow offers an AI governance platform designed to centralize and streamline AI risk management at scale. The platform provides tools for maintaining a comprehensive AI inventory, automating risk assessments, and ensuring continuous compliance with AI regulations and standards. FairNow enables organizations to establish clear accountability frameworks, perform automated bias audits, and generate compliance documentation with reduced manual effort. By providing real-time alerts and insights, the platform helps organizations proactively manage AI risks and maintain control over their AI programs. </solution> <features> - Centralized AI inventory management for organization-wide oversight - Automated risk assessments based on built-in frameworks like ISO 42001 and NIST AI RMF - Real-time compliance tracking and alerts for emerging AI laws and regulations - Streamlined reporting, testing, and control evidencing capabilities - Proprietary testing suite for ensuring AI fairness and reliability - Configurable AI governance policies, roles, and workflows - Integration capabilities with existing tools </features> <target_audience> FairNow is designed for organizations across various industries, including human resources and financial services, that are developing, deploying, or using AI systems and need to ensure compliance, mitigate risks, and maintain ethical AI practices. </target_audience>

What does FairNow do?

Provides an AI governance platform that centralizes AI risk management, enabling organizations to track model inventories, conduct bias audits, and ensure compliance with regulations like the EU AI Act and ISO 42001. The platform automates reporting, risk assessment, and compliance tracking, reducing manual effort and ensuring organizations can scale their AI initiatives while meeting regulatory requirements.

Where is FairNow located?

FairNow is based in McLean, United States.

When was FairNow founded?

FairNow was founded in 2023.

How much funding has FairNow raised?

FairNow has raised $3.6M.

Location
McLean, United States
Founded
2023
Funding
$3.6M
Employees
9 employees
Major Investors
Somen Mondal, Shaun Ricci

FairNow

10
Relative Traction Score based on online presence metrics compared to companies in the same age group.

Executive Summary

Provides an AI governance platform that centralizes AI risk management, enabling organizations to track model inventories, conduct bias audits, and ensure compliance with regulations like the EU AI Act and ISO 42001. The platform automates reporting, risk assessment, and compliance tracking, reducing manual effort and ensuring organizations can scale their AI initiatives while meeting regulatory requirements.

fairnow.ai700+
Founded 2023 – McLean, United States

Funding

No specific funding rounds found.

Total Funding

$3.6M

Backed by

Shaun RicciSomen Mondal

Team (5+)

No team information available.

Company Description

Problem

Organizations struggle to maintain oversight of their AI systems, leading to difficulties in tracking model inventories, conducting bias audits, and adhering to evolving AI regulations like the EU AI Act and ISO 42001. Manual processes for AI governance are time-consuming and prone to errors, hindering the ability to scale AI initiatives responsibly.

Solution

FairNow offers an AI governance platform designed to centralize and streamline AI risk management at scale. The platform provides tools for maintaining a comprehensive AI inventory, automating risk assessments, and ensuring continuous compliance with AI regulations and standards. FairNow enables organizations to establish clear accountability frameworks, perform automated bias audits, and generate compliance documentation with reduced manual effort. By providing real-time alerts and insights, the platform helps organizations proactively manage AI risks and maintain control over their AI programs.

Features

Centralized AI inventory management for organization-wide oversight

Automated risk assessments based on built-in frameworks like ISO 42001 and NIST AI RMF

Real-time compliance tracking and alerts for emerging AI laws and regulations

Streamlined reporting, testing, and control evidencing capabilities

Proprietary testing suite for ensuring AI fairness and reliability

Configurable AI governance policies, roles, and workflows

Integration capabilities with existing tools

Target Audience

FairNow is designed for organizations across various industries, including human resources and financial services, that are developing, deploying, or using AI systems and need to ensure compliance, mitigate risks, and maintain ethical AI practices.

Sources:

1
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FairNow - Funding: $3.6M | StartupSeeker