Baird Capital leads funding round that will accelerate ModelOp's
market-leading product innovation and enterprise expertise
CHICAGO, Aug. 19,
2024 /PRNewswire-PRWeb/ -- ModelOp, the leading AI
Governance software for enterprises, announced today that it raised
$10 million in series B equity
financing led by Baird Capital with participation from existing
investors. ModelOp recently won the 2024 AI Breakthrough Award for
"Best AI Governance Platform," and the investment will expand
ModelOp's team, accelerating go-to-market efforts and product
innovation.
"This exciting milestone will fuel the
continued growth of our leading AI Governance software," said
Pete Foley, CEO of ModelOp.
Fortune 500 companies and innovative enterprises — including
Fidelity Investments, FINRA, and Bristol Myers Squibb — use ModelOp
as a single source of truth that provides real-time visibility into
AI risk, performance, health, and value. Through automation,
ModelOp ensures all AI initiatives are transparent, compliant, and
aligned with organizational goals.
"This exciting milestone will fuel the continued growth of our
leading AI Governance software," said Pete
Foley, CEO of ModelOp. "Baird Capital is an incredible
partner and we're proud to tap their deep expertise in B2B
technology as we help enterprises get started with governance and
scale their AI initiatives responsibly."
This investment follows the new release of ModelOp version 3.3,
the third-generation of its software. It includes the world's first
AI Governance Score, giving executives a standardized metric to
measure risk and compliance across diverse AI initiatives,
regardless of whether an organization is using generative AI,
in-house, third-party vendor, or embedded AI systems.
Generative AI is accelerating digital transformation, but too
many enterprises currently find their AI initiatives held back by
the risks and operational bottlenecks of not having proper AI
Governance. In a widely-cited interview, Accenture's CEO stated
that less than 2% of executives can identify how AI is being used
in their companies and its risks.
Furthermore, AI regulations are sharply increasing at the state,
federal, and international levels — including the EU AI Act that
went into force on August 1 — making
compliance a top priority for enterprises.
"We're very excited to partner with the ModelOp team in their
mission to accelerate AI innovation while ensuring appropriate
enterprise risk management and regulatory compliance," said
Jim Pavlik, Partner with Baird
Capital's Venture Capital team. "We've been extremely impressed by
ModelOp's robust software capabilities, strong leadership and blue
chip customer base, and look forward to supporting the company's
future growth."
With the new capital, ModelOp will build upon its market-leading
automation capabilities that establish visibility into AI
initiatives and enforce policies consistently to help organizations
stay compliant even as regulations evolve rapidly. Learn more about
ModelOp's AI Governance software and innovations here.
About ModelOp
ModelOp is the leading AI Governance software for enterprises and
helps safeguard all AI initiatives — including generative AI, Large
Language Models (LLMs), in-house, third-party, and embedded systems
— without stifling innovation. Through automation and integrations,
ModelOp empowers enterprises to quickly address the critical
governance and scale challenges necessary to protect and fully
unlock the transformational value of enterprise AI - resulting in
effective and responsible AI systems. To learn more visit our
website and follow ModelOp on LinkedIn.
About Baird Capital
Baird Capital manages two investment platforms, Venture Capital and
Global Private Equity, and invests in B2B technology &
services-focused companies worldwide. Founded in 1989, the group
focuses on investing in sub-sectors where it has deep institutional
knowledge and leveraging global operating capabilities to support
the operational and growth needs of partner companies. Baird
Capital is the direct private investment arm of Robert W. Baird
& Co. For more information, please visit BairdCapital.com.
Media Contact for ModelOp
Ria Romano, Partner
RPR Public Relations, Inc.
Tel. 786-290-6413
Media Contact
Ria Romano, Publicist, ModelOp,
786-290-6413, rromano@romanopr.com, https://www.modelop.com/
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SOURCE ModelOp