Multi-million dollar strategic investment brings TruEra’s total funding to date to over $45 million
REDWOOD CITY, Calif., June 21, 2022 (GLOBE NEWSWIRE) — TruEra, which provides the first suite of AI Quality management solutions for managing model performance, explainability, and societal impact, announced today that Hewlett Packard Enterprise (NYSE: HPE) has invested in TruEra via its venture capital program, Hewlett Packard Pathfinder. This extends the $25M Series B round TruEra announced in March 2022.
Hewlett Packard Pathfinder invests in category-leading start-ups, creates solutions combining portfolio companies’ technology with Hewlett Packard Enterprise products, and architects joint go-to-market programs. In addition, Hewlett Packard Pathfinder closely monitors longer-horizon disruptive innovation, helping encourage technological advancements that keep HPE on the leading edge.
“We’re excited to become an investor and to partner with TruEra in developing comprehensive solutions for our enterprise customers in conjunction with our High-Performance Computing offering,” said Paul Glaser, Vice President and Head of Hewlett Packard Pathfinder.
“AI model quality and ML Ops have emerged as considerable challenges for enterprises deploying and scaling machine learning models,” said Ali Wasti, Managing Director, Hewlett Packard Pathfinder. “Solving these challenges is imperative for AI success, and TruEra stands out for its deep expertise, differentiated technology and practical experience helping companies deliver and monitor AI applications.”
TruEra addresses the next big challenge of AI – the quality challenge. TruEra’s solutions help ML teams explain, evaluate and test the performance, risk and responsible AI characteristics of models in the development phase, and then monitor their live use to ensure rapid debugging and optimal ongoing performance. Due to this unique, full lifecycle approach to model quality, TruEra has been selected as the preferred vendor by multiple Fortune 1000 companies. In March 2022, the company was named to the Fast Company World Changing Ideas list for the second year in a row. In June 2021, TruEra was named a “Cool Vendor” by expert analysts at Gartner, Inc in the report, “Cool Vendors in AI Governance and Responsible AI.” Members of the company also serve on advisory boards for the Bank of England and the Monetary Authority of Singapore, among other government agencies.
“Hewlett Packard Enterprise is a leading, trusted provider to the enterprise, and is known for its ability to ensure that cutting-edge innovation delivers proven results,” said Will Uppington, CEO and co-founder, TruEra. “We’re looking forward to working closely with the HPE team as partners on customer engagements.”
To date, TruEra has raised over $45 MM from top-tier investors including Menlo Ventures, Greylock Partners, and Wing Venture Capital, among others. The technology foundation for the company originated in academic research conducted by TruEra co-founders Anupam Datta and Shayak Sen at Carnegie Mellon University.
TruEra will be showcasing its AI Quality software solutions at HPE Discover 2022, The Edge-to-Cloud Conference, at The Venetian in Las Vegas from June 28 to 30. TruEra can be found at the Pathfinder booth #DEMO607. Will Uppington will present a session titled Key Elements for Building High Quality Machine Learning: How to Make ML Development More Like Software Development in Theater 1 on Wednesday, June 29, 2022 at 10:00-10:30 am PST. Register for HPE Discover 2022 here.
About Hewlett Packard Enterprise
Hewlett Packard Enterprise (NYSE: HPE) is the global edge-to-cloud company that helps organizations accelerate outcomes by unlocking value from all of their data, everywhere. Built on decades of reimagining the future and innovating to advance the way people live and work, HPE delivers unique, open and intelligent technology solutions delivered as a service – spanning Compute, Storage, Software, Intelligent Edge, High Performance Computing and Mission Critical Solutions – with a consistent experience across all clouds and edges, designed to help customers develop new business models, engage in new ways, and increase operational performance. For more information, visit: www.hpe.com.
About TruEra
TruEra helps companies to build and maintain better ML models, faster. TruEra provides the first suite of AI Quality solutions that help enterprises analyze machine learning, improve and monitor model quality, and build trust. Powered by enterprise-class Artificial Intelligence (AI) Explainability technology based on six years of research at Carnegie Mellon University, the TruEra platform helps eliminate the black box surrounding widely used AI and ML technologies. This visibility leads to higher quality, explainable models that sustainably achieve measurable business results, address unfair bias, and ensure governance and compliance. To learn more, visit truera.com.