US-based artificial intelligence transparency tool developer Fiddler Labs has received $10.2m in series A funding from investors including Bloomberg Beta, the corporate venturing affiliate of media group Bloomberg.
The round was co-led by venture capital firms Lightspeed Venture Partners and Lux Capital and also featured Haystack Ventures, a venture partner of Lightspeed.
Founded in October 2018, Fiddler has created a technology that analyses, validates and monitors artificial intelligence (AI) models in a bid to ensure they are more transparent.
The startup expects to announce a launch date for its product in early 2020 and is currently working towards a proof-of-concept version in partnership with enterprises from multiple sectors including finance, AI-based risk management and compliance.
Lightspeed Venture Partners had previously led a $3m seed round for Fiddler in January this year that included Bloomberg Beta and Haystack Ventures.