The Israeli start-up Aporia, which has developed a platform for monitoring and monitoring artificial intelligence models, announces the completion of a $ 25 million round of funding (Round A). Tiger Global Investment Fund led the round, in which Samsung Next also took part, alongside existing investors TLV Partners and Vertex Ventures. Since its inception, the company has raised a total of $ 30 million.
Aporia was established in 2019 with the aim of ensuring the reliability and fairness of artificial intelligence-based models. Liran Hasson, CEO and co-founder, founded and managed a number of projects in his youth, including independent development of a new programming language in Hebrew and a system for biometric identification according to the iris as part of the Weizmann Institute’s Excellence Program; Was one of the first employees at Adallom, and after the acquisition by Microsoft joined the Vertex Ventures investment team.
The company’s platform is already used by hundreds of users, including Fortune 500 companies and organizations in the field of e-commerce, automotive, retail, InsureTech and more. The company has offices in Israel and the United States; the company’s headquarters are located in Tel Aviv, where research and development activities are concentrated.
The system developed by the company helps companies to take responsibility for the insights of the active AI systems in the organization. Euphoria’s system knows how to identify whether the various models meet the business goals of the organization, knows how to detect anomalies at an early stage (biased forecasts, unexpected changes in format or decrease in model execution over time) and provides practical insights that help data scientists in a short time.
The current capital raising will allow the company to continue to accelerate its development and growth processes and expand into additional markets. In addition, the company, which currently employs 20 people, plans to triple its number by the end of 2022 and recruit dozens of workers in Israel and the United States.
Tiger Global Investment Fund, which led the current round of funding, is considered one of the most prominent high-tech investors. Tiger Global was founded in 2001 and manages over $ 90 billion. The fund has invested in many well-known companies such as Uber, AirBnb, Databricks, Spotify and more.
Liran Hasson, Founder and CEO of Aporia: “Technology allows us to do things that were not possible before, and at the same time creates new challenges and risks that can affect businesses and human lives. The use of euphoria allows organizations to assimilate AI technologies in a responsible and controlled manner. In AI in a responsible and non-discriminatory manner. ”
According to John Cartius, a partner at Tiger Global Management : “Since its inception, Aporia has shown an incredible growth rate and has quickly become a leader in ML. Managers in global organizations understand the benefits of artificial intelligence and its impact on all industries, but the risks leave them awake at night. Their artificial ”
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