SAN MATEO, Calif., Oct. 30, 2019 /PRNewswire/ -- dotData, the first and only company focused on delivering full-cycle data science automation and operationalization for the enterprise, today announced that it has raised $23 million in Series A funding, bringing the total amount of funding raised to date to $43 million. The Series A financing round was led by JAFCO with participation by Goldman Sachs, who both join existing dotData Seed round investors NEC Corporation.
dotData will use the funds to further accelerate the company's rapid growth by expanding sales and marketing efforts, and enhancing product development innovation of its full-cycle data science automation platform.
The Series A funding comes just 18 months after dotData's launch and Series Seed round, and builds on an exceptional year for dotData which saw a more than 300 percent increase in revenue growth, multiple product launches and significant recognition as a leader in the rapidly-growing AutoML market, including in The Forrester New WaveTM: Automation-Focused Machine Learning (AutoML) Solutions, Q2 2019.
"dotData offers the most powerful and broad machine learning automation solution as far as we know. We are impressed with their passion to tackle the big challenge of automating the full-cycle data science process from raw data through feature engineering to machine learning in production, to meet the globally-increasing demand for solutions to help enterprises optimize value from their AI and machine learning initiatives," said Tomotake Kitazawa, Partner of JAFCO. "dotData is well-positioned to lead this growing AutoML market segment with its innovation. We are excited to partner with dotData as they continue to build a leading company in an exciting category."
"We are pleased with the confidence our investors show in our vision, team, product and ability to execute and expand market share," said Ryohei Fujimaki, Ph.D., CEO, and founder of dotData. "Our company's rapid growth over the past 18 months signals a significant market demand for our unique data science automation platform. These funds will enable us to accelerate product development and innovation to continue bringing transformational value to our customers."
"We are thrilled about dotData's significant growth since it spun out from NEC, and delighted that it is accelerating its evolution with Series A funds from JAFCO and Goldman Sachs. dotData has proved with our clients that its platform accelerates enterprise data science 10x faster and delivers key business insights via its proprietary AI-powered feature engineering technology," said Osamu Fujikawa, Senior Vice President of NEC Corporation. "NEC and dotData have already provided solutions to more than 30 companies in Japan and will continue to promote growth and accelerate digital transformation for customers with the support of JAFCO and Goldman Sachs. We are excited about our strengthening partnership with dotData and will continue to support its business expansion and vision to empower all enterprises through its data science technology."
dotData is one of the only platforms that combines AI-powered feature engineering and AutoML to automate the full life-cycle of the data science process, from source data through feature engineering to implementation of machine learning in production. dotData's AI-powered feature engineering automatically applies data transformation, cleansing, normalization, aggregation, and combination and transforms hundreds of tables with complex relationships and billions of rows into a single feature table, automating the most manual data science projects.
dotData democratizes data science by enabling existing resources to perform data science tasks, making enterprise data science scalable and sustainable. dotData also operationalizes data science by producing both feature and ML scoring pipelines in production, which IT teams can then immediately integrate with business workflow. This further automates the time-consuming and arduous process of maintaining the deployed pipeline to ensure repeatability as data changes over time. With the dotData GUI, the data science task becomes a five-minute operation, even without significant data science experience nor SQL/Python/R coding.
For more information or a demo of dotData's AI-powered full-cycle data science automation platform, please visit dotData.com.
Since establishing the first investment partnership in Japan in 1982, JAFCO has specialized in the private equity investment business. As of March 2019, it has established over 100 investment partnerships with total capital commitments of approximately ¥1 trillion. Its portfolio IPOs have reached 1,005 on a cumulative basis.
In addition to its rich investment experience and management support expertise that it has built over the years, JAFCO will utilize its extensive network with domestic/ overseas venture companies, financial institutions and business firms to carry on investment with a co-founder mindset in growth potential companies.
About The Goldman Sachs Group, Inc.
The Goldman Sachs Group, Inc. is a leading global investment banking, securities and investment management firm that provides a wide range of financial services to a substantial and diversified client base that includes corporations, financial institutions, governments and individuals. Founded in 1869, the firm is headquartered in New York and maintains offices in all major financial centers around the world.
About NEC Corporation
NEC Corporation is a leader in the integration of IT and network technologies that benefit businesses and people around the world. The NEC Group globally provides "Solutions for Society" that promote the safety, security, efficiency and fairness of society. Under the company's corporate message of "Orchestrating a brighter world," NEC aims to help solve a wide range of challenging issues and to create new social value for the changing world of tomorrow. For more information, visit NEC at https://www.nec.com.
dotData is the first and only company focused on full-cycle data science automation. Fortune 500 organizations around the world use dotData to accelerate their ML and AI projects and deliver higher business value. dotData's automated data science platform speeds time to value by accelerating, democratizing, augmenting and operationalizing the entire data science process, from raw business data through data and feature engineering to machine learning in production. With solutions designed to cater to the needs of both data scientists as well as citizen data scientists, dotData provides unmatched value across the entire organization.
dotData's unique AI-powered feature engineering delivers actionable business insights from relational, transactional, temporal, geo-locational, and text data. dotData has been recognized as a leader by Forrester in the 2019 New Wave for AutoML platforms. dotData has also been recognized as the "best machine learning platform" for 2019 by the AI breakthrough awards and was named an "emerging vendor to watch" by CRN in the big data space. For more information, visit www.dotdata.com, and join the conversation on Twitter and LinkedIn.