DataRobot, an AI technology provider, announced its acquisition of Algorithmia after it raised $300M in Series G funding.
According to the company, the funding alongside the acquisition would bolster its augmented intelligence platform. This will further help them extract better and faster value from AI and allow customers to run ML models reliably.
Last year, in December, DataRobot raised $50 million in its Series F funding. And, now after the closing of Series G funding, the total funding raised by the company has crossed $1B as per Crunchbase.
Some new investors that have participated in the funding round include Franklin Templeton, Counterpoint Global (Morgan Stanley), ServiceNow Ventures, and Sutter Hill Ventures. These investors have pushed the company’s post-money valuation to $6.3 billion, which is more than the double surge.
DataRobot stated that the Algorithmia acquisition would help extract value from AI and deliver augmented MLOps infrastructure. This will enable them to transform their business value.
The integration of Algorithmia’s model with DataRobot’s existing model monitoring and model management capabilities would allow customers to run any ML model, reliably and cost-effectively.
Dan Wright, CEO of DataRobot, stated “the new funding validated the company’s vision for combining the best in humans and machines to drive predictive insights and data-driven decisions. He thanked the investors for their continued support and added that DataRobot had seen a spike in customers across the globe.”
The company says that it would bolster its platform to build out its go-to-market team. This means that soon they will hire across EMEA, North America, and Asia Pacific/Japan to serve its growing customer base.
Additionally, Mr. Wright said “the Algorithmia would significantly enhance DataRobot’s mission to move from experimental to applied AI by helping customers bring every model into production. Expressing delight at the deal.”
He added, “We are thrilled to welcome the Algorithmia team and advance our leading MLOps offering with world-class, enterprise-grade MLOps infrastructure to organizations across the globe.”