FairPlay, a company that offers what it calls a “Fairness-as-a-Service” solution for algorithmic decision-making, has raised $4.5 million in seed investment funding

The round was led by Third Prime Capital, with participation from FinVC, TTV, Financial Venture Studio, Amara, and Nevcaut Ventures.

FairPlay says it is an AI fairness solution for any company that uses algorithms to make high stakes decisions about people’s lives. Today, decisions about who gets a loan, a job interview, a kidney transplant and more are increasingly made by algorithms, and many of them are replicating the discrimination of the past.

“Just as we built search infrastructure and payments infrastructure for the Internet, so must we build fairness infrastructure for the Internet,” says FairPlay Founder & CEO Kareem Saleh. “FairPlay turns fairness into a business advantage, allowing our users to de-bias digital decisions in real-time and prove to their customers, regulators and the public that they’re taking strong steps to be fair. In short, FairPlay makes fairness pay.”

FairPlay says it is going to market in financial services with two APIs. The first API provides Fairness Analysis, analyzing a lending model’s inputs, outputs and outcomes to provide insights into whether disparities exist and for which protected groups.

The second API, called Second Look, re-underwrites declined loan applications using AI fairness techniques that are designed to do a better job of assessing borrowers from underserved groups. 

These techniques can determine whether declined applicants resemble “good” borrowers in ways that the primary algorithm did not strongly consider. The result, the company says, is that more applicants of color, women and other historically disadvantaged people will be approved.

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