Forgepoint Capital is thrilled to announce its Series B investment in Instabug! We are honored to join co-founders Omar Gabr (CEO) and Moataz Soliman (CTO), two passionate entrepreneurs who are building a phenomenal company that graduated from Y…Read More
Just as software ate the world, AI / ML is now eating the world. Organizations around the globe have spent billions of dollars (and plan to spend even more in the future) piloting AI / ML model prototypes in search of step function improvements for their business units – be it for better engagement, automation, or insights that lead to higher growth. Model building has been significantly automated over the last few years through better data preparation, training, and feature stores.
The reality, however, is that over 85% of these prototypes aren’t deployed into production. And for those that do get deployed, it takes approximately 18 months on average to get certified for actual use. Those step function improvements? They remain elusive… Operationalizing AI / ML models at enterprise scale has been limited by explainability because AI bugs are not software bugs. They are complex statistical and data anomalies such as drift and skew, and the AI “black box” makes it incredibly hard to identify and debug them for real world performance. Bridging this gap at human scale has proven sub optimal, thwarting even the most sophisticated data science teams’ efforts to keep up with business units’ demand for explainability.
What the industry needs is a systemic change supported by new platforms to ensure every AI / ML model (and every iteration there on) goes through an automated quality system so business units can understand, certify, and rectify issues.
This need is creating a burgeoning market opportunity for TruEra, which manages the entire AI / ML lifecycle by combining diagnostics (evaluate, validate, and improve AI) and monitoring (monitor and debug production AI) in one a unified software platform. TruEra not only enables organizations to increase the velocity at which they can deploy AI / ML models into production, but also helps them make better business decisions by ensuring those models are trustworthy and explainable.
Clearly, the winds are shifting in what’s poised to be a very large market, and we’re excited to embark on this journey with the incredibly talented team at TruEra, led by Will Uppington, Anupam Datta, and Shayak Sen. I am thrilled to announce Forgepoint Capital’s investment in TruEra’s Series B alongside Menlo Ventures, Greylock, and Wing. We view TruEra as a foundational investment in Forgepoint’s mission to protect the digital future, and a true pioneer advancing AI / ML for modern industry.
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