March 1, 2023, TEL AVIV, Israel — Bessemer Venture Partners has invested freshly in Qwak, the end-to-end MLOps platform. Following a year of expansion, the USD 12 million round, which doubles the company’s previous funding round’s valuation, marks Bessemer’s first significant investment in the expanding field of MLOps and machine learning infrastructure. The game also included participation from previous investors Leaders Fund, StageOne Ventures, and Amiti. The investment comes when machine learning (ML) becomes more widely used, and generative AI programs like Dall-E, MidJourney, and ChatGPT are upending the creative sectors.
With the addition of dozens of clients that utilize the platform in production, including some of the most cutting-edge machine learning teams in the world, Qwak has grown 10x year over year. NetApp, Lightricks, Yotpo, JLL, Guesty, and OpenWeb are a few examples of clients. The firm has expanded the size of its workforce, which is now at 30 and is hiring to further its presence in the US and European markets.
Alon Lev, co-founder, and chief executive officer of Qwak, expressed his excitement about Bessemer Venture Partners’ investment. “The money supports Qwak’s strategy, platform, and recent growth. This strategic partnership with Bessemer will support Qwak’s long-term goal of developing what I call the machine learning cloud, assisting in transforming data science insights into a real business impact driven by machine learning.”
Data Science and machine learning (ML) require specialists, specialized equipment, and technology that differ significantly from the standard software, hardware, and expertise used across the rest of a firm, even a technology business. Several companies have battled and failed to integrate machine learning (ML) content into their apps using the expertise of their data science team. Companies lose money attempting to build functional workflows, data pipelines, and deployment pipelines because the sheer amount of tools and solutions required to meet the complexity of the ML stack is overwhelming. They are making the costly data science investment ineffective. According to Gartner, 85% of AI projects fail.
Without a doubt, during the past ten years, data-driven businesses have outperformed those of their rivals, according to Sterman. “Because of this, almost all businesses now have complex BI and analytics stacks that rely on outside services like Cloud Data Warehouses and BI Infrastructure. Machine Learning Ops and infrastructure will follow a similar pattern as businesses concentrate on their core competencies and rely on specialized platforms. With Qwak’s full-stack ML Ops platform, data teams can operationalize their models more successfully than ever before, generating a significant return on investment for their clients by enabling them to more quickly transform data science research into reliable models in production that have a measurable business impact right out of the box.”
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