DataRobot Closes $54 Million Series-C Funding
DataRobot automates machine learning so that data science can be accessible to the mainstream markets also. The company announced the closure of the first round of its Series-C funding, in which it has raised $54 million.
The amount raised will be used to fund R&D for developing, teaching and enabling DataRobot to solve additional AI and ML problems on its own by doubling their existing data science organizations and engineering organizations. It also plans to invest in increasing its footprint in the global markets. DataRobot also plans to invest in the support and expansion of its global channel and technology partners (like Alteryx and Cloudera), analytics solution providers, global systems integrators, and value-added resellers (VAR).
With this inflow, the total amount raised by the company goes up to $111 million. DataRobot is also expecting a significantly large amount in a future round of its Series C funding.
The software is already able to solve many AI and ML problems by itself, but there is still a lot to learn. “The number of AI and machine learning (ML) solutions being generated by all the data scientists in the the world is not even making a dent in the massive demand for these solutions, and this deficit is growing rapidly as executives across the globe — in all verticals — realize that an AI-driven organization is now a necessity,” says Jeremy Achin, CEO and co-founder, DataRobot.
As organization realize that AI-enablement is becoming unavoidable to ensure profitability and competitive advantage, the currently available AI solutions are not sufficient to meet the current demand. Given this, DataRobot plans to teach its solutions to use AI and ML to learn and solve problems on their own. This will help replace expensive data scientists and make it viable and affordable for the mainstream markets.
DataRobot platform is currently being used in industries like insurance, healthcare, banking and fintech.
“As a result of DataRobot’s continued growth and the enthusiastic market response to its AI machine learning platform, we are substantially increasing our commitment,” says Tony Florence, general partner, NEA and DataRobot Board Member. “Our confidence is buoyed by their data science-like approach to their own development. They are not only the best product for the market but have defined the category. Their high-caliber and extremely dedicated workforce is productizing AI technologies that deliver significant competitive advantages to their users.”