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CHICAGO, Dec. 18, 2024 /PRNewswire/ -- The leading AI Governance software for enterprises, ModelOp, announced today it experienced an exponential increase of platform usage in 2024 through new customer acquisition, generative AI adoption, and expanding need for its AI portfolio intelligence and governance capabilities. For the second consecutive year, the company achieved massive, continued growth in the financial services, healthcare, and CPG sectors with customers that include Fidelity Investments, FINRA, and Bristol Myers Squibb.
ModelOp's excellence was well-recognized this year. It won the prestigious 2024 AI Breakthrough Award for "Best AI Governance Platform", an award series that celebrates the world's most innovative companies, technologies, and products in the artificial intelligence industry with more than 5,000 applicants globally this year. The firm also was named to Inc.'s 2024 Best in Business List in the AI & Data category, an award that celebrates the exceptional achievements and contributions of companies that have made a profound impact on their industries and on society at large. In addition, Polaris Market Research & Consulting named ModelOp a key player in the rapidly growing Model Operations market. MMC Ventures named ModelOp a "Who's Who in Responsible AI" and a leader in AI Governance.
ModelOp also completed its $10 million Series B Equity financing led by Baird Capital. With the new capital, ModelOp is actively building upon its market-leading AI portfolio intelligence and governance capabilities that establish visibility into AI initiatives and value, and enforce policies consistently to help organizations stay compliant even as regulations evolve rapidly.
This investment follows the new release of ModelOp version 3.3, the third-generation of its software. It enables enterprises to manage AI as a portfolio and provide "Minimum Viable Governance" (MVG), which allows companies to apply just enough governance to protect the business while accelerating AI innovation.
Version 3.3 also includes the world's first AI Governance Score, a standardized metric that measures risk across diverse AI initiatives. ModelOp's new AI Governance Score provides executives with real-time visibility into all AI initiatives — including generative AI, in-house, third-party, and embedded AI systems — and their risks across the entire enterprise, even as global regulations evolve. ModelOp helps Chief AI Officers (CAIOs), CDAOs, CIOs, CISOs, AI leaders, and Governance teams responsibly accelerate AI innovation and keep their organizations safe through a comprehensive AI Governance inventory, automated controls, and streamlined reporting capabilities.
"Unlike other solutions, only ModelOp's software provides executives unprecedented visibility into the AI being used across their organizations," said Pete Foley, CEO of ModelOp. "This enables enterprises to deliver transformational and responsible AI systems. ModelOp 3.3 allows executives to manage their AI use cases and models as a portfolio and track KPIs including revenue, costs, savings, cost avoidance, and ROI. Additionally, ModelOp enables AI and legal teams to stay on their front foot as regulations like the EU AI Act and US state and federal agency rules take effect. It was a remarkable year for ModelOp and our new capital is enabling us to accelerate our expansion. Looking forward to 2025, we are excited to introduce new capabilities, and continue our rapid growth as the leading AI Governance software."
Also of note this year, ModelOp partnered with CDO Magazine to produce the 2024 Responsible AI Benchmark Report that revealed a growing gap between the rapid adoption of AI and the implementation of responsible AI Governance practices. The survey of nearly 150 executives across diverse industries provides insights on AI adoption, use cases in production, governance capabilities, and top risks. The free report clearly shows growing risks with enterprise AI strategy.
