Promoting ‘Ethical AI’ Credo AI Launches and Secures $5.5 Million!
Unarguably, AI is the greatest technology booster in today’s rapidly changing world. However, as much as its positive side is facilitating people, its negative aspect can prove destructible and may pose some serious challenges. The complication behind AI needs to be dealt with a specialized approach and from someone who understood and witnessed a similar rough phase in the past, such as Navrina Singh - a former product manager with Qualcomm and Microsoft.
Her past experiences with an AI project related to developing a Twitter bot developed in 2016 to experiment in ‘conversational understanding’ resulted in a disaster. Another such story witnessed in 2019, an algorithm sold by Optum, the health services company, to segregate suitable patients for extra medical care was found badly misjudging the health needs of the sickest Black patients.
Nevertheless, all the larger companies have allocated suitable teams to tackle such backfiring issues arising due to massive data collection and training their AI bots, still, not much improvement has been noticed. On the other hand, smaller AI companies do not have enough budgets to allocate separate teams for such purposes.
The Innovative Governance
Navrina Singh tapped the gap in the picture and thus launched her company, Credo AI - a SaaS entity with a funding of $5.5 million from Decibel, Village Global, and AI Fund.
The company promises a better-managed complex AI development as Singh along with her team of 15 members has developed an innovative risk framework that allows companies to establish their window for self-governance.
It is anticipated that Credo AI is revolutionary as it addresses the gap in accountability within organizations and facilitates them with their control panel with tools to manage their data collection ways and suggest better ways to control and manage like IEEE standards to be integrated to provide stronger guardrails for machine-based models.
Commenting on the development, Navrina Singh,” Most of the companies haven’t figured out the lack of common language and alignment in AI governance, hence organizations need a standardization. Credo’s AI software offers a unique approach to different organizations with different impacts and models, based on specific industry verticals and company objectives.”
Explaining the working of her new framework, Singh said, “Credo AI works with companies to develop a framework to align with their values while making it manageable through adequate tools including additional metrics and different stakeholders.”
The Future is Here
The void may have a big market opportunity as the data published earlier this year by The International Data Corporation (IDC), worldwide revenue for the AI market, including software, hardware, and services, was expected to rise to 16.4% year over year in 2021, to $327.5 billion. The market is expected to go beyond the $500 billion mark by 2024, reveals IDC.
With the popularity and the growing scope of AI, the market for setting up a check framework and ethical and managed management is highly recognized. Credo AI works in line with the filling the gap, hopes Singh.