Artificial intelligence performance monitoring company Arthur, announces the raise of $42M in Series B funding, co-led by Acrew Capital and Greycroft Ventures. The latest funding comes almost two years after they secured $15 million through a Series A investment in 2020.

According to the company's statement, the latest cash injection provides the scale to meet surging demand for essential AI infrastructure - Arthur has seen 235% recurring regrowth in the first two quarters of this year alone -and would be used to capitalise on new hirings and talents.

The investment would also help Arthur deliver on its mission to make AI work for everyone, increasing investment in research and development to fuel the continuing advancements for its customers.

"Some of the largest and most important companies in the world rely on Arthur to improve the performance and fairness of their critical AI models. With AI central to their future, they don't want to leave it to chance," said Theresia Gouw, founding partner at Acrew Capital.

The Arthur platform monitors, measures, and optimises AI to drive better results, and is deployed across top Fortune 100 enterprises and tech companies. The company is supposed to be the leading AI Performance solution for computer vision and NLP, and offers unmatched enterprise scalability, bias detection and mitigation, and a research-led approach to development.

Arthur's growth has accelerated due to the realisation that in order for AI to transform industries and deliver on its massive potential, companies need to ensure their technology is accurate, transparent, and unbiased.

"The first companies to become AI-native will be the leaders for decades to come. We are fortunate to be working with some of the most AI-forward partners out there, who have provided invaluable feedback to make our platform even better," said Adam Wenchel, Arthur CEO.

Arthur has raised more than $60M since its founding in 2019. In addition to Acrew and Greycroft, the oversubscribed round included top firms Index Ventures, BAM Elevate, Work-Bench, and Plexo Capital.