'FairPlay' is a new startup that recently completed a $10 Million USD Series A round of funding. The company has also launched its first four products, which it markets as the first "fairness-as-a-service" solutions to algorithmic bias. FairPlay notes that, while algorithms are used in countless industries from hospitality to banking, there are still implicit biases tied to race, gender, and other factors. This is the issue that FairPlay is addressing with its suite of products.
FairPlay offers solutions to target four key areas: customer analysis, decision-making, customer appeals, and what it refers to as 'Fairness Maps.' The company's artificial intelligence-powered solutions are intended to help financial institutions get a better understanding of their customers, while simultaneously drawing attention to customers that may have been wrongly refused financial assistance. This creates a more fair market while working toward eliminating biases towards customers of different ethnicities and gender identities. Lastly, FairPlay's Fairness Maps provide visual data for how many customers are wrongfully discriminated against, helping companies become more aware of their blindspots.
Equality-Focused Algorithm Companies
FairPlay Launched the First Fairness-as-a-Service Product
Trend Themes
1. Algorithmic Bias Solutions - The rise of fairness-as-a-service products allows companies to eliminate bias towards different ethnicities and gender identities, requiring new solutions to combat algorithmic bias.
2. Fairness Maps Technology - The use of Fairness Maps can give companies access to visual data to understand how many customers are being wrongly discriminated against and create a fairer market.
3. Customer-centric AI Solutions - AI-powered solutions that target customer analysis and decision-making can help financial institutions better understand their customers and assist those who may have been wrongly refused financial aid.
Industry Implications
1. Financial Services - FairPlay's solutions can help financial institutions combat algorithmic bias and create a fairer market.
2. Hospitality - The application of fairness-as-a-service solutions can help hospitality companies eliminate bias towards different ethnicities and gender identities in their decision-making process.
3. Retail - FairPlay's artificial intelligence-powered solutions can provide visual data to help retail companies become more aware of their blindspots when it comes to discrimination.