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Fairly AI Aims to Help Companies Assess and Mitigate AI-Related Risks

Fairly AI aims to streamline AI adoption by helping organizations manage risks and compliance. Led by David Van Bruwaene, the startup has emerged as a crucial player in AI governance.

Fairly AI: Innovating AI Risk Management and Compliance

David Van Bruwaene was well into his PhD in philosophy when he discovered a problem that would steer his career in a new direction—ensuring that AI developers and business decision-makers are aligned.

After a stint at an AI startup, Van Bruwaene paired up with Fion Lee-Madan, a former enterprise systems solutions architect, to launch Fairly AI. Their mission? To create a platform to manage the risks and compliance complexities associated with AI systems.

Incubated at Accenture’s FinTech Innovation Lab, Fairly AI soon became a fully-fledged company, providing data scientists and policy experts tools to fast-track AI adoption while minimizing risks. The platform benchmarks AI models and datasets, offering internal and external assessments and compliance reviews.

With the EU inching closer to an AI Act and the White House contemplating an “AI Bill of Rights,” Fairly arrives at a crucial time. It aims to simplify complex compliance issues, helping businesses make informed decisions without getting entangled in endless review cycles.

Fairly has set itself apart by translating compliance requirements into straightforward 'traffic light' signals, offering laypeople a simpler way to understand complex risk and compliance issues. The platform can be deployed either on-premises or in a private cloud.

According to Van Bruwaene, Fairly is pre-revenue but has already completed revenue-generating pilots in four countries. With the help of a $1.7 million pre-seed round, the company aims to double its staff within the next year and expand its product offerings.

As the AI industry faces an ever-changing regulatory landscape, tools like Fairly are becoming increasingly important for organizations to understand and manage their AI risks. Fairly's unique approach could make it a significant player in a market projected to reach $7.4 billion by 2032.