- This investment is perhaps the most significant in the machine learning observability platform and highlights Arthur’s market leadership in this category.
- According to Gartner, the AI software market will be worth USD 62 billion this year and will double by 2025.
Arthur, a New York-based Artificial Intelligence (AI) performance company, announced that it had raised USD 42M in Series B fundraising. The top investors included Acrew Capital and Greycroft Ventures.
Considering Arthur’s 235% recurring revenue growth through the first two quarters of this year, the additional cash will allow the company to scale to meet the rising demand for critical AI infrastructure.
Theresia Gouw, the founding partner at Acrew Capital, said, “Some of the largest and most important companies in the world rely on Arthur to improve the performance and fairness of their critical AI models.” She added, “With AI central to their future, they don’t want to leave it to chance.”
This investment is perhaps the most significant in the machine learning observability platform and highlights Arthur’s market leadership in this category. Arthur’s growth has come close to the realization that if AI has to transform industries and be true to its huge potential, it’s for organizations to ensure that their technology is correct, transparent, and unbiased.
Adam Wenchel, Arthur CEO, said, “The first companies to become AI-native will be the leaders for decades to come.” He added, “We are fortunate to be working with some of the most AI-forward partners out there, who have provided invaluable feedback to make our platform even better.”
According to Gartner, the AI software market will be worth USD 62 billion this year and will double by 2025. Furthermore, 40% of companies reported implementing tens or hundreds of thousands of AI models.
Companies that have made AI a central part of their operations or are “AI-native” are using the technology to revolutionize healthcare, increase employee retention rates, and expand credit availability to underserved populations.
Top Fortune 100 organizations and innovative startups use the Arthur platform to monitor, quantify, and fine-tune their AI to achieve superior outcomes.
Arthur is one of the best AI Performance solutions for computer vision and natural language processing. It provides unparalleled corporate scalability, bias identification and mitigation, and a development process guided by empirical research.
When implemented in a leading financial services organization, Arthur is expected to reduce annual operating expenses by USD 30 million while increasing model-driven revenues by more than USD 100 million.
Since it was founded in 2019, Arthur has raised over USD 60 million in funding. Notable companies like Index Ventures, BAM Elevate, Work-Bench, and Plexo Capital joined Acrew, and Greycroft participated in the oversubscribed round.
With this funding, Arthur will be able to invest more heavily in R and amp;D to power the company’s ongoing breakthroughs for its clients and fulfil its aim of making AI accessible to everyone.