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FREMONT, CA: An amount of $25 million in new funding has been raised by the company Algorithmia to work on the innovation of tools that increase the ease of implementation of Machine Learning (ML).
The series B funding round to develop the businesses via investments was led by Norwest Venture Partners, along with the Seattle startup, brought the amount to a rounded figure of $37.9 million. The key member of Norwest will shift to the board of directors in Algorithmia, and the existing investors, Madrona Venture group, Work-bench, Gradient ventures, Osage University Partners, and Rakuten Capital all partook in the new round.
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Algorithmia was once a marketplace for ML modules, which assisted companies in finding, innovating, and inserting their applications. With the addition of nuances of difference over the years, the company kickstarted as a mainstream software development platform due to the series A round seed funding from Gradient Ventures. This transformation has proven to be difficult for many other companies, but Algorithmia has succeeded due to its algorithm development feature. The company believes that its most significant challenge for an ML enabled company is to get the ML models up and running preferably within their applications. Algorithmia’s approach allows data scientists to work with tools of choice while providing the links between models and the company’s production environment. The system of links first sprouted from when the company deployed ML models in its Marketplace.
As compared to AI startups, Algorithmia has sped up the process of entering the production stage from months to days or hours by adopting of ML. The company now comprises approximately 40 employees and hopes to double the number by the end of the year. The unique hiring plan will spread across different areas, with engineering getting importance from the other regions.
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