Machine Learning Company DataRobot Accelerates Growth with $33 Million in New Funding
Leading VC firms show generous support for machine learning company and its predictive analytics platform
Feb 11, 2016, 09:00 ET
BOSTON, Feb. 11, 2016 /PRNewswire/ -- Machine learning automation pioneer DataRobot, Inc. announced today that it has closed $33 million in Series B financing, bringing the total investment in the company to more than $57 million. New Enterprise Associates (NEA) led the round, which also included Accomplice, Intel Capital, IA Ventures, Recruit Strategic Partners, and New York Life.
With customers and offices already established in Europe, the Asia-Pacific region, and the United States, DataRobot is funded for aggressive expansion in global sales, marketing, business development, engineering, R&D, and strategic initiatives at all locations.
"We applied our first investment towards building a solid platform rather than marketing and publicity," said Jeremy Achin, the Company's CEO and Co-Founder. "We hired the world's top data scientists and software engineers to create the industry's most usable machine learning platform. Then, we focused on ensuring our early customers' success. This additional investment will allow us to bring our solution to many more customers around the world, and to further democratize data science across all industries."
DataRobot shrinks the data science project backlog that is growing in many companies due to the serious shortage of machine learning skills. The company captures the knowledge, experience, and best practices of the world's top data scientists and transfers them through practical education and software automation to users of all skills levels. DataRobot enables data scientists, statisticians, business analysts, and software developers to build and implement predictive applications using open source and custom machine learning algorithms, in industries including financial services, healthcare, life science, marketing services, and others.
"We've seen the evolution of transformative advanced analytics technology within our portfolio, from Tableau turning data analysts into business analysts, to DataRobot turning business analysts into data scientists," said Harry Weller, General Partner at NEA. "The DataRobot platform empowers users to easily build fast and accurate predictive models, something that previously required time-intensive labor by expert data scientists."
"Unlike most startups in this industry, DataRobot was founded by - and is run by - applied data scientists, not serial entrepreneurs looking to catch a wave in a hot market," said Chris Lynch, Partner at Accomplice (formerly Atlas Venture). "DataRobot's rapid ascent is a strong signal that machine learning has advanced from an elite technology to a powerful and differentiating business application."
"Intel Capital is focused on building technology ecosystems by investing in transformative entrepreneurs and game-changing technologies," said Ron Kasabian, Vice President of Intel Corp's Data Center Group and General Manager of Big Data Solutions. "DataRobot's team of experts and machine learning platform is a great example of a company that is driving innovation in data science."
About DataRobot
DataRobot provides a high performance machine learning automation software platform and an innovative practical data science education program that work together to provide the fastest path to data science success for organizations of all sizes. For more information, visit www.datarobot.com.
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SOURCE DataRobot