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FAIRLY AI
Techstars '23Kitchener, CA · Founded 2020 · 23 employees on LinkedIn · 11 known investors
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Fairly (also referred to as Asenion) provides an AI governance platform for managing trust, risk, security, and compliance in AI systems across their entire lifecycle. The platform serves startups, enterprises, and regulated organizations in finance, legal, healthcare, and insurance that need assurance and governance for AI systems used in customer-facing or decision-making applications.
Also known as FAIRLY · Fairly AI Inc. · Fairly Asenion
Founders & leadership
Investors · 11
How we know: Backstage Capital's portfolio page · the VCSheet dataset · research · extruct.ai · Not right? Tell us
How we know: Flying Fish Ventures's portfolio page · open dataset · 5k.vc investor directory · Not right? Tell us
How we know: Loyal VC's portfolio page · research · extruct.ai · Not right? Tell us
How we know: the Techstars portfolio · open dataset · Top 3000 Accelerator Startups (no YC) 2026-08 · open dataset · 5k.vc investor directory · Not right? Tell us
How we know: funding news · Not right? Tell us
Also in the syndicate · 5
Funding
SEC filings, press & company announcements$1.6M disclosed across 1 of 3 rounds · 2021–2026
- Undisclosed amountseed roundSep 2026
XBO Ventures (lead)
Source ↗
▶$1.6MraisedJan 2021 · 4 investors · Other TechnologyRule 506(b)
- James R. BurnsExecutive Officer, Director
- Prajay TipreExecutive Officer, Director
- Offering amount
- $1.6M
- Amount sold
- $1.6M
- First sale
- Jan 2021
- Incorporated
- Corporation, Delaware, 2020
- Federal exemptions
- 06b
Source: SEC EDGAR Form D. Amounts as filed; amended filings shown once at their latest values.
Company profile
researched Sep 2026Fairly AI (legal name Fairly AI Inc.) is a Kitchener, Ontario-based company founded in 2020 that develops an end-to-end AI governance, risk and compliance platform. The software is designed to help organizations bring AI models into production safely and in line with regulatory and internal standards, by applying policies and controls early in model development and enforcing them throughout the model lifecycle. Capabilities described for the platform include information reporting, model testing, fairness and bias testing, built-in controls, automated model risk management, and tooling aimed at EU AI Act compliance.
The company positions its platform as a way to close the AI oversight gap faced by audit and validation teams, which contend with limited model transparency, unstable model behaviour under changing conditions, and difficulty verifying that training data is fair and trustworthy. Automation is used to reduce subjectivity and to give both technical and non-technical users a means of meeting and auditing policy requirements. Two products are identified: the Fairly AI Oversight and Risk Management Platform, and Fairly Asenion, described as a compliance agent for generative AI.
Founding story
The company was founded in 2020 by David Van Bruwaene and Fion Lee-Madan, who are identified as CEO and COO respectively.
Business model
B2B software-as-a-service. The platform is offered on a fee-based basis, with subscription pricing and enterprise licensing, and services delivered alongside the product.
Recurring subscription fees and enterprise licensing for access to the governance platform.
Traction
Reported 24 employees as of February 2026 (listed elsewhere in an 11-50 range) and approximately $1.7 million raised. External recognition includes the IDC MarketScape major-player designation, the UBS Future of Finance Challenge win, the RAISE Leading Startup Award and an Ethical Engineer Award.
Latest developments
Recent activity centres on EU AI Act readiness, promoted on the company's website, and on Fairly Asenion, a compliance agent for generative AI. Company data published in February 2026 lists 24 employees.
▸Full profile — market position, technology, go-to-market, geography, history
Market position
Operates in the AI governance platform category alongside Credo AI, Holistic AI and Monitaur, and has been listed as a major player in the IDC MarketScape for Worldwide AI Governance Platforms and cited in Gartner coverage of AI trust, risk and security management. It is listed in the OECD.AI Catalogue of Tools & Metrics for Trustworthy AI under the objectives of transparency and data governance and traceability.
Technology
A multi-platform system that automates model risk management by codifying policies and controls and applying them across the plan and design, model build and interpretation, and verification and validation stages of the AI lifecycle. Features include fairness and bias testing, reporting, and controls mapped to regulatory requirements such as the EU AI Act.
Go-to-market
Direct sales supplemented by partnerships and program participation, including the SolasAI partnership and Guidewire's Insurtech Vanguards program. The company's website directs prospects to schedule a discovery call, and it participates in industry networks such as Fintech Sandbox.
Enterprises, financial institutions, healthcare organizations and government agencies, with buyers including chief risk officers, compliance officers, data scientists and AI developers; the OECD.AI listing identifies business leaders and project managers as target users.
Geography
Headquartered in Kitchener, Ontario, Canada, with a single listed office location; the platform is offered to customers across all countries and regions.
History
Founded in 2020 in Kitchener, Ontario. The company received the UBS Future of Finance Challenge Tech and Cyber Security award in 2021 and a RAISE Leading Startup Award from the Responsible AI Institute in 2022. In April 2023 it announced a partnership with SolasAI and a funding round led by Flying Fish Partners, and in August 2023 it joined Guidewire's Insurtech Vanguards program. It has been listed as a major player in the IDC MarketScape for Worldwide AI Governance Platforms for 2023 and 2024.
Compiled by commissioned research from 7 cited public sources — announcements, filings, and press listed under research sources below.
Key figures
latest reportedCompany-reported or press-reported figures, each dated to when it was claimed — not independently audited.
Timeline · 7
launches, deals, and filingsProduct described as a compliance agent for generative AI, offered alongside the company's oversight and risk management platform.
Fairly AI joined Guidewire's Insurtech Vanguards program, which connects insurers with insurtech solutions.
Recognized as a major player in the IDC MarketScape for Worldwide AI Governance Platforms 2023 and 2024.
Fairly AI partnered with SolasAI on risk mitigation and addressing discrimination in AI systems.
Dated company events from announcements, filings, and press; legal rows summarize public dockets and regulator releases.
▸Research sources · 7
primary sources listed
- FAIRLY AIfairly.ai · web
7 public sources were cited for this profile; the first-party ones are listed here.
Frequently asked questions
- What does FAIRLY AI do?
- Canadian software company offering an AI governance, risk and compliance platform for managing AI models across their lifecycle.
- Who are FAIRLY AI's investors?
- FAIRLY AI's investors include Backstage Capital, Flying Fish Ventures, Loyal VC, Techstars, ETF Partners, NEXT Canada.
- How much funding has FAIRLY AI raised?
- FAIRLY AI has disclosed $1.6M raised across 1 of its 3 known rounds.
- Where is FAIRLY AI headquartered?
- FAIRLY AI is headquartered in Kitchener, CA.