SAN FRANCISCO, Oct. 5, 2021 /PRNewswire/ -- Domino Data Lab, provider of the leading Enterprise MLOps platform trusted by over 20% of the Fortune 100, today announced a $100 million funding round led by Great Hill Partners and an expanded partnership with NVIDIA, which is also participating in the round. Domino and NVIDIA will also further integrate products and expand joint sales efforts to support customers' efforts to build model-driven businesses.
The Series F round includes additional participation from existing investors Coatue Management, Highland Capital Partners and Sequoia Capital, and brings the company's total funding to $228 million.
"Our mission is to help our customers unleash the power of data science," said Nick Elprin, CEO and co-founder of Domino Data Lab. "We're thrilled to have the support of Great Hill Partners and NVIDIA to accelerate our growth and innovation, which in turn will help our customers address the world's most important challenges."
Forrester expects the AI Maker Platform market to reach $13B by 20251. Domino's growth is a testament to increased demand in this market, particularly for Enterprise MLOps platforms. In the past two years, Domino has doubled both its Annual Recurring Revenue as well as the number of Global 2000 companies using its platform.
"As enterprises advance their adoption of machine learning, they increasingly require an enterprise-grade, open platform to orchestrate and manage these workloads – and Domino perfectly meets this growing market need," said Derek Schoettle, growth partner at Great Hill Partners. "Speaking with Domino's impressive roster of customers completely validated our great conviction in the company, and we have been particularly impressed by their stories about the massive ROI Domino has driven for them. We are thrilled to partner with Nick and the rest of the Domino team to help drive their next phase of growth."
Expanded Partnership with NVIDIA
Since 2020, Domino has offered certified Enterprise MLOps software for NVIDIA DGX systems as a charter member of the NVIDIA DGX-Ready Software program. Building on that collaboration, Domino is working with NVIDIA to develop product functionality to expand the accelerated computing capabilities in its platform. This includes validating the Domino platform for NVIDIA AI Enterprise so that Domino can run seamlessly on mainstream, NVIDIA-Certified Systems from OEM hardware providers. NVIDIA and Domino will bring these products to market together as part of their partnership.
"AI and data science are new workloads that demand a full-stack solution — one with tools that simplify development and deployment for customers," said Manuvir Das, head of Enterprise Computing at NVIDIA. "Our partnership with Domino Data Lab reflects our commitment to Enterprise MLOps. With NVIDIA AI Enterprise integration into the Domino platform, customers will be able to easily integrate advanced AI tools into their traditional data center infrastructure."
While both the promise of and need for data science are great, becoming model-driven is difficult. Companies scaling data science efforts beyond a few experts quickly find that lack of access to infrastructure, tools and data stands in the way of building competitive advantage. To compensate, companies develop siloed pockets of data science that inhibit knowledge sharing and complicate model operationalization. Domino Data Lab's Enterprise MLOps Platform breaks down those silos and increases governance to help companies generate data science breakthroughs at greater velocity and scale, free from ties to one form of infrastructure or tool.
Adding New Leadership to Drive Growth
Domino also announced that it has appointed Tom Gleason as Chief Financial Officer. Gleason, who previously held several financial leadership roles during a nine-year tenure at data analytics leader Tableau, will help drive Domino's continued growth as it helps every company become model-driven.
"As important as data is, it's clear that model-driven business is the next evolution in leveraging information about pricing, products, teams, and markets," said Gleason. "Domino's vision to improve the velocity of data science matches how companies are building a competitive edge. I'm ecstatic to join this team of humble and smart people, and to help play a part to build the next great data company."
- Visit the Domino website to learn more, and to conduct an immediate data science lifecycle assessment with Domino's Model Velocity Assessment.
- Learn more about the Domino Enterprise MLOps Platform in the Domino Data Lab Blog
- Follow Domino Data Lab on Twitter, LinkedIn and Facebook
About Domino Data Lab
Domino Data Lab powers model-driven businesses with its leading Enterprise MLOps platform that accelerates the development and deployment of data science work while increasing collaboration and governance. More than 20 percent of the Fortune 100 count on Domino to help scale data science, turning it into a competitive advantage. Founded in 2013, Domino is backed by Sequoia Capital and other leading investors. For more information, visit dominodatalab.com.
About Great Hill Partners
Great Hill Partners is a Boston-based private equity firm targeting investments of $25 million to $500 million in high-growth companies across the software, digital commerce, financial technology, healthcare, and digital infrastructure sectors. Over the past two decades, Great Hill has raised nearly $8 billion of commitments and invested in more than 75 companies, establishing an extensive track record of building long-term partnerships with entrepreneurs and providing flexible resources to help middle-market companies scale. For more information, including a list of all Great Hill investments, visit www.greathillpartners.com.
1 "The AI Software Market Will Grow To $37 Billion Globally By 2025," Forrester Research, Inc., December 10, 2020.
SOURCE Domino Data Lab