Sunrise AI Secures Pre-Seed Funding Led by Andrew Ng’s AI Fund
NEW YORK, Jan. 10, 2024 -- Sunrise AI, an AI-powered fintech company co-founded by Deepak Shrivastava and Xi Palazzolo, is thrilled to announce the successful closure of its pre-seed funding round led by Andrew Ng's AI Fund. This investment will propel Sunrise AI's mission to revolutionize credit assessment and enhance access to capital for individuals and businesses.
Sunrise AI's proprietary AI suite disrupts the conventional credit scoring landscape. It boasts a 96% accuracy rate in forecasting a borrower's ability to repay a debt obligation. Unlike traditional credit scoring services, Sunrise AI leverages machine learning technology to analyze a diverse range of user permissioned data sources, including robust open banking and macroeconomic data, unlocking a more inclusive and fair evaluation of creditworthiness.
SunScore, the company's first product, equips property owners with an advanced risk management solution, aimed at deterring rental fraud, uncovering accurate credit insights, and enhancing lease income analytics.
Founded in 2017 by Dr. Andrew Ng, AI Fund boasts a capital pool of $176 million, backed by leading venture capital firms, including Greylock Partners, Sequoia Capital, New Enterprise Associates (NEA), and Softbank Group. Deepak Shrivastava, Co-founder and CEO of Sunrise AI, expressed his excitement about launching the company in AI Fund's studio: "This investment will enable us to accelerate the development of our AI-driven solutions and reach more underserved and excluded communities in need of fair and accessible financial services."
In a collective effort to create more financial inclusion and equity, Sunrise AI's founders established an Advisory Board to guide the transparency and responsibility of building ethical AI solutions. Founding members are Fenaba Addo, PhD (Associate Professor of Public Policy at University of North Carolina-Chapel Hill), Bryce Goodman, PhD (Chief Strategist for AI/ML at the United States Department of Defense), John K. Johnson (Chief Innovation Officer at Schulte Roth & Zabel & former Global Head of Compliance at Spotify), and Chris Wiggins, PhD (Chief Data Scientist at The New York Times & Associate Professor at Columbia University).
"Technology can shine new light into opaque financial systems. Deepak, Xi, and team have a compelling vision of using AI to create a fair and inclusive financial system for all, and AI Fund is thrilled to support Sunrise AI to realize this vision," said Andrew Ng, Managing General Partner of AI Fund, and globally recognized AI leader.
With this infusion of capital, the company plans to further refine its AI models, enrich its product offerings, and expand its operations to serve a broader audience beyond real estate.
About Sunrise AI
Sunrise AI is a pioneering fintech company with a mission to redefine credit assessment. Harnessing advanced artificial intelligence and machine learning, Sunrise AI's products provide accurate, fair, and inclusive credit assessments by analyzing extensive open banking and holistic data. Sunrise AI aims to reinvent a better, fair, and unbiased approach towards financial and credit assessment for all individuals and businesses. Learn more at sunrise.ai.
About AI Fund
AI Fund is a venture studio that strives to move humanity forward by accelerating the adoption of AI. We work with entrepreneurs to build companies rapidly and increase the odds of success. We are a team of AI pioneers, operators, entrepreneurs, and investors, supported by top-tier partners including NEA, Sequoia, and Softbank. Learn more at aifund.ai.
Source: Sunrise AI
