Artificial intelligence is playing an increasingly large role in enterprise software, and Boston’s DataRobot
has been helping companies build, manage and deploy machine learning
models for some time now. Today, the company announced a $206 million
Series E investment led by Sapphire Ventures.
Other participants
in this round included new investors Tiger Global Management, World
Innovation Lab, Alliance Bernstein PCI and EDBI, along with existing
investors DFJ Growth, Geodesic Capital, Intel Capital, Sands Capital,
NEA and Meritech.
Today’s investment brings the total raised to
$431 million, according to the company. It has a pre-money valuation of
$1 billion, according to PitchBook. DataRobot would not confirm this number.
The
company has been catching the attention of these investors by offering a
machine learning platform aimed at analysts, developers and data
scientists to help build predictive models much more quickly than it
typically takes using traditional methodologies. Once built, the company
provides a way to deliver the model in the form of an API, simplifying
deployment.
The late-stage startup plans to use the money to
continue building out its product line, while looking for acquisition
opportunities where it makes sense. The company also announced the
availability of a new product today, DataRobot MLOps, a tool to manage, monitor and deploy machine learning models across a large organization.
The
company, which was founded in 2012, claims it has had triple-digit
recurring revenue growth dating back to 2015, as well as one billion
models built on the platform to date. Customers contributing to that
number include a broad range of companies, such as Humana, United
Airlines, Harvard Business School and Deloitte.
Source. TechCrunch, Ron Miller, Septembet 16, 2019
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