SAN FRANCISCO, Oct. 27, 2021 /PRNewswire/ -- Abacus.AI is announcing $50M in Series C funding from Tiger Global, Coatue, Index Ventures, and Alkeon. As part of this release, the company is announcing support for Computer Vision use-cases. The round was led by Tiger Global with participation from Coatue, Index Ventures, and Alkeon.
Series C funding
With this round, the company has raised $90.3M in total funding in 30 months. Abacus.AI will use the funds from this round to further enhance its end-to-end AI platform, which enables organizations of all sizes to design, train, and operationalize machine and deep learning models.
In addition to providing machine learning infrastructure to handle all aspects of design, development, and operationalization of models, Abacus.AI has vertically integrated support for several common enterprise use-cases. Organizations, ranging from small startups to Fortune 500 companies, use Abacus.AI's state-of-the-art platform to accelerate their AI adoption.
"We are excited to back Abacus for their Series C," said David Cahn, Partner at Coatue. "We think Bindu has assembled an impressive team at the intersection of full-stack ML and deep learning and we are proud to support Abacus's dream of being the market leader in this rapidly growing space."
"AI has become the center of discussion among Executives, however, its widespread deployment has been hindered by scarcity of talent and resources with the know-how," said Josh Shirazi, Principal at Alkeon Capital. "Abacus.AI is democratizing the use of AI by offering an end-to-end platform with the greatest breadth of domain-specific use cases. With the launch of computer vision use-cases, Abacus.AI is unlocking AI on unstructured data sets, amplifying the value customers already realize by discovering incremental revenue opportunities, saving costs, gaining productivity, and increasing NPS. We're thrilled to collaborate with one of the strongest AI/ML teams, who has built systems at scale across their experiences at Google, Amazon, and Uber."
Computer Vision As A Service
As part of its AI platform, Abacus.AI has several vertically integrated workflows for common enterprise use-cases, including predictive analytics, personalization, anomaly, forecasting, and language.
With this release, organizations can use Abacus.AI for common computer vision use-cases, including image detection, classification, and segmentation. Abacus.AI's intuitive UX, helps organizations easily develop bespoke, deep-learning-based computer vision models applying transfer learning.
In addition, Abacus.AI now supports images and language on all of its tabular data use-cases, synthesizing insights from all forms of data. Abacus.AI is the only AI platform that helps organizations create mixed/hybrid models that generate predictive insights. Data science teams can now incorporate predictive signals from images, in addition to signals from tabular and text data.
The Abacus.AI platform is powered by foundational research, and many of these research findings have been published at top AI and ML conferences. Abacus.AI recently had three papers accepted for publication at Neural Information Processing Systems (NeurIPS) 2021. Two of the accepted papers focus on techniques for automated machine learning (AutoML), and the third accepted paper focuses on explainability in machine learning.
Headquartered in San Francisco, Abacus.AI offers the world's first cloud AI platform that handles all aspects of machine and deep learning at an enterprise scale. Their customizable, end-to-end autonomous AI service trains machine and deep learning models for common enterprise AI use cases. These range from churn prediction, time-series forecasting, and deep-learning-based personalization to custom, highly-specific models with a state-of-the-art toolset that allows ML practitioners and data science teams to wrangle data.
Their intuitive UX and holistic platform saves customers from orchestrating across multiple services, constantly reinventing the wheel, and dealing with hard scale problems. As a result, Abacus.AI has been adopted by world-class organizations, including several Fortune 500 companies.
The company is funded by Mike Volpi from Index Ventures, Eric Schmidt (ex-CEO and Chairman of Google), Ram Shriram (board member of Google), Coatue, Tiger Global, Khosla Ventures, and others. Their founding team of AI scientists and ML engineers have degrees (many of them Ph. Ds) from premier universities such as Stanford, MIT, CMU, UC Berkeley, Dartmouth, and IIT. These team members have shipped high-profile products at Google, Amazon Web Services, and Uber.
LinkedIn Profiles of the Founders