MTech backs Monitaur
Boston-based Monitaur announced it has raised $2.6 million in a Seed round that included MTech Capital , TechStars and Hub Angels.
Founded in 2019, Monitaur has developed software to help insurance companies govern and assure their predictive models. Monitaur’s platform helps companies identify when a model is no longer operating as intended, where it has diverged from original assumptions and internal policies (for example, where using zip codes can lead to underwriting and pricing decisions based on race).
The company’s product combines continuous recording, monitoring, and independent validations to address issues like bias, drift, and anomalies. Monitaur’s software streamlines human-driven audit and compliance processes and the platform creates a system of record that enables clients to create controls, trust, and confidence in their ML systems.
“Unforeseen biases in actuarial and marketing models that deploy machine learning present an emerging risk for insurance companies. These models often run as black boxes, making outputs difficult to explain internally, as well as to auditors and insurance regulators. We are excited to be backing the outstanding Monitaur team as they address an emerging insurance industry risk.” – Kevin McLoughlin, partner and co-founder of MTech Capital.