Coiled Cloud Launches at Dask Distributed Summit after securing $21M in series A funding led by Bessemer Venture Partners

NEW YORK, May 18, 2021 /PRNewswire/ -- Coiled, the Data + AI + Ops platform, announced today the general availability of Coiled Cloud at the Dask Distributed Summit after securing $21M in funding led by Bessemer Venture Partners. The Coiled Cloud platform gives Data Scientists the power of the cloud and machine learning, freeing them from today's limitations so they can solve important problems. 

Coiled Cloud is used by data professionals, scientists, and researchers for data manipulation, data science, and machine learning at scale. Coiled Cloud is fast, scalable, and frictionless — making it easy to build machine learning models using your favorite Python tools on a laptop and then easily moving the model to any cloud environment avoiding vendor lock-in. High performance is achieved by parallelizing workloads and taking advantage of GPUs to reduce latencies while enabling more experimentation and scenario analysis. By moving the computation to the data, customers save time and money while maintaining data security. "Coiled is a super simple way to launch a cluster with a simple API that's hard to break," said Eric Jeske, head of Data Science at Telemetry. 

In addition to the provisioning of distributed environments on-prem and in any cloud - AWS, GCP, Azure - Coiled Cloud simplifies day-to-day operational management. Coiled Cloud includes telemetry data that is surfaced through a dashboard, delivering transparency, and cluster operational controls. Controls include user and team quotas, limited access to GPUs, and autoscaling to match cluster resources with workloads to reduce costs. 

"Coiled is amazing technology. We were able to get an initial reduction across our pipelines — from data curation to automated experiments — from 66 hours to 35 minutes and then with additional tuning down to 15 minutes," explains Eyal Toledano, CTO and co-founder, at Zebra Medical Vision. 

Coiled has deep roots in open source with key maintainers of Dask and RAPIDS. The company was founded in 2020 by Matthew Rocklin, the initial author of Dask. Dask is the top Python-first big data tool used by Python developers with a thriving community. 

"The Coiled team are passionate open source developers, maintainers, and advocates that are helping customers harness the power of distributed computing while making it easy and approachable," states Matthew Rockin, CEO at Coiled. "I started out as a scientist at Sandia National Labs and developed a deep respect and admiration for people who take on the complex challenges facing the world today in research, business, and science. Coiled exists to take complexity out of their day-to-day jobs so they can focus on solving those problems." 

The Series A funding, led by Bessemer Venture Partners, puts Coiled at $26M in funding. This new round of funding will simultaneously accelerate the Coiled product innovation and market adoption while also funding further open source development of Dask, which is quickly becoming the Data + AI +Ops platform of choice for Python data professionals around the world. 

"Building solutions at the intersection of open source, developer platforms, and data infrastructure, Matthew and the Coiled team are helping data scientists in large and small teams detangle challenging analytics and machine learning problems," states Ethan Kurzweil, Partner at Bessemer Venture Partners. "Coiled empowers Python-native data scientists to scale their workloads fast and closes the gap between the tools data scientists love and those that are enterprise-ready."

About Coiled
Coiled is the Data + AI + Ops cloud platform. More than 100M tasks have been hosted by Coiled for data professionals, scientists, and researchers around the globe including Capital One, Anthem Health, and Zebra Medical Vision to solve challenges in business, research, and science. 

Coiled is a remote-first company with the best and brightest working how they want, from anywhere they want. Founded by the initial author of Dask, Coiled is on a mission to create a platform that gives Data Scientists the power of the cloud and machine learning, freeing them from today's limitations so they can solve important problems.

For more information, visit coiled.io or connect with us on Twitter, LinkedIn, or at a PyData event. 

About Bessemer Venture Partners
Bessemer Venture Partners is a global early-stage venture capital firm. With a portfolio of more than 200 companies, Bessemer helps visionary entrepreneurs lay strong foundations to create companies that matter, and supports them through every stage of their growth. The firm has 130 IPOs, including Pinterest, Shopify, Twilio, Yelp, LinkedIn, Skype, LifeLock, PagerDuty, DocuSign, Wix, MindBody, and Fiverr. Bessemer's team of investors and partners are positioned all over the world in Silicon Valley, San Francisco, Seattle, New York, Boston, Tel Aviv, Bangalore, and Beijing. Follow @BessemerVP and learn more at bvp.com.

Media Contacts:
Chris Boyles, Coiled
[email protected]
+1 (404) 431-2715

Karen Lee, Bessemer Venture Partners
[email protected]
+1 (650) 853-7000

SOURCE Coiled

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