Iterative.ai, a United States-based open source startup, announced that it raised USD 20 Million in a Series A funding round. The round was led by 468 Capital and Florian Leibert, founder of Mesosphere.
The round also saw the participation of Afore Capitals and True Ventures who are the existing investors of the company. With this fundraise the company stands at a valuation of USD 25 Million.
Words from the investors –
“Data, ML and AI are becoming an essential part of the industry and IT infrastructure Companies with great open-source adoption and bottom-up market strategy, like Iterative.ai, are going to define the standards for AI tools and processes around building ML models.” – Leibert, General partner at 468 Capital.
About Iterative.ai –
Iterative.ai was founded and established in the year 2018 by Dmitry Petrov and Ivan Shcheklein, having their headquarters in California, United States. It is a company that brings engineering to machine learning and data science.
The company’s core idea is to offer data engineers and data scientists a platform that looks and works like a driven development stack of GitOps.
The CEO and Co-founder of Dimitry Petrov joined as a data scientist in Microsoft in 2013 on the Big Team. He realized that the industry has evolved and changed quite a lot. Earlier the question was about how machine learning models can be built, but now the question has changed into how machine learning’s predictable process can be made. In this context, he said – “How can we make the team productive, not the person? This is a new challenge for the entire industry,”
Companies like Microsoft were able to develop their own proprietary processes and tools to build their operation for Artificial Intelligence. Dimitry noticed that it’s not an easy option for small businesses.
Right now Iterative.ai’s stack consists of multiple different parts that run on top of tools like GitHub and GitLab. These include CML, a CI/CD platform for enabling collaboration between teams, and DVC for data and modelling versioning and running experiments. The company’s latest product is a SaaS platform for enabling collaboration between teams.
“DVC Studio enables machine learning developers to run hundreds of experiments with full transparency, giving other developers in the organization the ability to collaborate fully in the process. The funding today will help us bring more innovative products and services into our ecosystem.” – said Petrov, Co-founder and CEO, Iterative.ai.
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