NEW YORK, Sept. 27, 2022 /PRNewswire/ -- Arthur today announces the raise of $42M in Series B funding, co-led by Acrew Capital and Greycroft Ventures. The additional capital will provide scale to meet surging demand for essential AI infrastructure—Arthur has seen 235% recurring regrowth in the first two quarters of this year alone.
"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," said Theresia Gouw, founding partner at Acrew Capital. "With AI central to their future, they don't want to leave it to chance."
The investment is the largest ever in a machine learning observability platform, reflecting Arthur's leading position in the category. Arthur's growth has accelerated due to the realization that in order for AI to transform industries and deliver on its massive potential, companies need to ensure their technology is accurate, transparent, and unbiased.
"The first companies to become AI-native will be the leaders for decades to come," said Adam Wenchel, Arthur CEO. "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."
Gartner predicts the AI Software market will reach $62 billion this year and double by 2025—and 40% of organizations reported having thousands or hundreds of thousands of AI models deployed. AI-native companies—those adopting AI at the core of their business—are deploying AI to improve critical outcomes, like revolutionizing healthcare, hiring and retaining talent, and providing equitable access to credit.
The Arthur platform monitors, measures, and optimizes AI to drive better results, and is deployed across top Fortune 100 enterprises and tech companies. Arthur is the leading AI Performance solution for computer vision and NLP, and offers unmatched enterprise scalability, bias detection and mitigation, and a research-led approach to development. At one top financial services firm, Arthur will save an estimated $30M annually in operating expenses and increase model-driven revenues by over $100M.
Arthur has raised more than $60M since its founding in 2019. In addition to Acrew and Greycroft, the oversubscribed round included top firms Index Ventures, BAM Elevate, Work-Bench, and Plexo Capital. The investment will help Arthur deliver on its mission to make AI work for everyone, increasing investment in research and development to fuel the continuing advancements for their customers.
Arthur is the AI performance company. The Arthur platform monitors, measures, and improves machine learning models to deliver better results, working with enterprise teams to accelerate model operations and optimize for accuracy, explainability, and fairness. Arthur's research-led approach to product development drives exclusive capabilities in enterprise scalability, computer vision, NLP, bias mitigation, and other critical areas. For more information, visit www.arthur.ai.