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Fairgen raises $2.5 million Seed funding!

June 7, 2022

By

Nathan Cavaglione

Fairgen, a highly innovative Israeli startup that uses AI to debias datasets, today announced that it has raised $2.5 million in a Seed Round led by Israeli-based Tal Ventures and UK-based Creator Fund. The funds will be used to hire the R&D team that will extend the platform’s possibilities.

Fairgen develops a groundbreaking solution tackling the algorithmic bias associated with an increasing use of AI. Historical data is currently being used by many organizations to train AI-based decision models. Such historical data is inevitably biased because it was collected in a biased society where discriminations exist. Hence, many AI models today are biased as they routinely replicate the patterns seen in their training data. This leads to a vicious circle where the use of AI augments discrimination at scale. 

Fairgen targets this long-standing problem through an AI-powered technology, synthetic data generation, that can remove demographic biases from datasets. Its software meets the fast increasing needs for fairness in many industries, from  banking and insurance to recruitment, polling and more.

Fairgen was founded in early 2021 by Samuel Cohen to fill the gaps in digital fairness that he identified during his PhD in AI. The company is chaired by angel investor Benny Schnaider, a serial high-tech entrepreneur who founded Qumranet, PentaCom, P-Cube and Ravello Systems. Fairgen also benefits from the expertise of co-founder and CTO Nathan Cavaglione, who joined from Datagen, and from the commercial acumen of co-founder and VP Sales Michael Cohen.

“Over the past year, we have built an incredibly innovative technology and a rock solid team to help our clients make their AI pipelines fairer. For the first time, our software brings much-needed fairness to the digital world and puts an end to its self-fulfilling biases.” said co-founder and CEO Samuel Cohen.

Nathan (CTO) & Samuel (CEO)

“Companies have been focusing on the problem of privacy since the establishment of GDPR. Fairness is the next long-standing challenge in AI and we are one of the very first companies to have a solution for it.” noted co-founder and CTO Nathan Cavaglione. “It will answer regulations such as the European AI Act and the US Algorithm Accountability Act which are on their way for adoption,” he added.

"I'm thrilled to be part of the Fairgen adventure. AI has transformed complicated computational problems from procedural programming to mathematical models solutions. While the new models are very efficient, they also carry the human biases that created them in the first place. Fairgen is addressing these biases generically at the data and model level and I'm convinced our solution has the potential to change AI for the better," said co-founder and chairman Benny Schnaider.

“At Creator Fund we love supporting exceptional technical founders on a mission to solve the world’s most challenging and impactful problems. We are proud to be backing Fairgen, where Samuel’s and Nathan’s deep expertise in AI research and software engineering is complemented by the commercial experience of Benny and Michael. We believe the world faces major challenges around fairness in AI which will affect a wide range of verticals. Synthetic data is a promising solution and we couldn’t be more excited to help Fairgen execute on their vision going forward.” said Jamie Macfarlane and Alexandra Ntemourtsidou, respectively CEO and Director of Operations at Creator Fund.