Credo AI, a startup founded in 2020, has recently secured a $21 million funding round, valuing the company at $101 million, which is double its previous valuation from 2022.

The funding round was led by CrimsoNox Capital, Mozilla Ventures, and FPV Ventures, with participation from existing investors such as Sands Capital and Booz Allen Hamilton.

Navrina Singh, CEO of Credo AI, highlighted the critical role of governance in unlocking AI's potential while effectively managing associated risks.

To bolster its governance platform, Credo AI has formed strategic partnerships with McKinsey and Databricks, aiming to enhance compliance and responsible AI adoption.

Major corporations, including Mastercard and Northrop Grumman, are utilizing Credo AI's software to navigate AI risk management and ensure compliance with evolving regulations.

The company has experienced significant growth, tripling its revenue and workforce over the past year, driven by demand from corporations adapting to new regulations like the EU AI Act.

A recent KPMG study revealed that 75% of consumers are concerned about AI risks, while 91% of organizations feel unprepared to implement generative AI responsibly.

Recent advancements in AI present both opportunities and risks, including the potential for harmful outputs from AI systems, raising concerns about regulatory compliance and safety.

Investors have emphasized the importance of safety and ethical considerations in the rapidly evolving AI landscape, supporting Credo AI's mission to ensure technology benefits humanity.

Credo AI has been recognized as one of Fast Company's Most Innovative Companies for its contributions to AI governance.

The company aims to expand its leadership team and scale operations to meet the growing global demand for responsible AI usage and safety.