Truera claims to be the industry’s first model intelligence platform and has launched from stealth to help the market remove the mystery around machine learning.
Its platform aims to remove the “black box” encasing the machine learning space in order to provide intelligence and actionable insights throughout the machine learning model lifecycle. The technology has already been rolled out to several Fortune 100 customers in banking and insurance.
To support its move to the market, Truera has secured a $5.1m in its first round of funding. The capital injection was led by Greylock, with support coming from Wing VC, Conversion Capital and Aaref Hilaly.
Truera claims that while machine learning has become a very popular technology, there is still a lot of smoke and mirrors around them. The systems are formed of algorithms that automatically learn complex patterns from their source data, meaning that data scientists using the technology may not know how it works.
This makes it tough for data scientists to create high-quality models that achieve test accuracy hurdles and can perform well in the real world. Business partners, regulators, operators and customers can find it hard to trust the machine learning technology as a result.
Truera’s model intelligence platform was created to solve the black box issues. The technology performs sophisticated sensitivity analysis that enables data scientists and non-data scientists to better understand why the model has made a specific prediction.
Users can benefit from improved model quality, with the technology able to build more accurate, stable, reliable, explainable and fair models. The AI explainability capabilities also enable data scientists to gain new insights into model behaviour to improve the development of new ones.
Its technology can be used in a range of areas including banking, insurance, healthcare and other regulated industries. To meet compliance standards, machine learning must be explainable. Credit risk and decisioning require lenders to validate models and prevent bias, while insurance firms need to ensure pricing is transparent around risk management, consumer protections and more. Truera helps with these.
Other uses include fraud detection, demand forecasting, marketing, predictive maintenance, advertising and more.
One of Truera’s early clients is international bank Standard Chartered.
Standard Chartered group head, retail banking Vishu Ramachandran said, “The effective use of data and analytics within the Bank is not just a competitive advantage, but also a key enabler of our strategy to better serve our clients.
“As we scale up our use of artificial intelligence and algorithmic decision making, we want to ensure we continue to do so in a fair, transparent and responsible way. We see Truera as an essential partner in how we do this and in how we build and operationalize higher quality, trusted AI models faster and more efficiently.”
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