Algorithmia raises $25M Series B for its AI automation platform
Algorithmia, a Seattle-based startup that gives a cloud-agnostic AI automation platform for enterprises, immediately introduced a $25 million Collection B funding spherical led by Norwest Companions. Madrona, Gradient Ventures, Work-Bench, Osage College Companions and Rakuten Ventures additionally participated on this spherical.
“It’s actually really hard to productionize machine learning models,” Algorithmia CEO Diego Oppenheimer instructed me. “It’s hard to help data scientists to not deal with data infrastructure but really being able to build out their machine learning and AI muscle.”
To assist them, Algorithmia primarily constructed out a machine studying DevOps platform that enables information scientists to coach their fashions on the platform and with the framework of their selection, deliver it to Algorithmia — a platform that has already been blessed by their IT departments — and take it into manufacturing.
“Each Fortune 500 CIO has an AI initiative however they’re slowed down by the issue of managing and deploying ML fashions,” mentioned Rama Sekhar, a companion at Norwest Enterprise Companions, who has now joined the corporate’s board. “Algorithmia is the clear chief in constructing the instruments to handle the entire machine studying life cycle and serving to prospects unlock worth from their R&D investments.”
With the brand new funding, the corporate will double down on this focus by investing in product growth to unravel these points, but in addition by constructing out its crew, with a plan to double its headcount over the subsequent yr. A yr from now, Oppenheimer instructed me, he hopes that Algorithmia shall be a family title for information scientists and, perhaps extra importantly, their platform of selection for placing their fashions into manufacturing.
“How does Algorithmia succeed? Algorithmia succeeds when our customers are able to deploy AI and ML applications,” Oppenheimer mentioned. “And although there is a ton of excitement around doing this, the fact is that it’s really difficult for companies to do so.”
The corporate beforehand raised a $10.5 million Collection A spherical led by Google’s AI fund. It’s prospects now embody the United Nations, a variety of U.S. intelligence companies and Fortune 500 corporations. In whole, greater than 90,000 engineers and information scientists are actually on the platform.