Iguazio, the data science platform for real-time machine learning applications, raised $24 million in a funding round.
The round was led by INCapital Ventures, with participation from existing and new investors, including Samsung SDS, Kensington Capital Partners, Plaza Ventures, and Silverton Capital Ventures.
The company plans to use the new funds to accelerate its growth and expand its data science platform’s reach to new global markets.
The demand for AI applications is on the rise. According to Gartner, AI augmentation alone will create $2.9 trillion of business value in 2021. However, there are still many challenges in deploying AI solutions in an effective and scalable way. An estimated 87% of data science models that have shown great promise in the lab never make it to production. This is due to the challenges of transforming a great AI model, which is functional in lab conditions, to a fully operational AI application that can deliver business impact at scale and in real-time. Iguazio solves this problem and brings data science to life for enterprises worldwide.
The Iguazio Data Science Platform enables enterprises to develop, deploy, and manage AI applications at scale. With the Iguazio platform, companies can run AI projects in real-time, deploy them anywhere, multi-cloud, on-prem, or edge, and bring to life their most ambitious data-driven strategies.
The platform has been deployed by several industries, including financial services and telecommunications. It is being used for a multitude of real-time use cases, such as self-healing networks, ride-hailing optimization, logistics optimization, and real-time recommendations.
Iguazio also announced today that Payoneer, a digital payment platform, has deployed the platform to predict and prevent fraud with real-time machine learning.
“Iguazio’s unique technology facilitates the data science creation process from start to finish, enabling enterprises to deploy AI applications that create real business impact,” said Tom Kennedy, Chairman of Kensington Capital Partners.
“With the opportunities we are seeing for machine learning technology and the global success stories emerging from this high-tech nation, Iguazio represents a great first investment for Kensington in an Israeli company.”
Image Credit: Iguazio