Computing technology provider Dell took part in a $43m funding round for US-based data science software developer Domino Data Lab on Wednesday through corporate venturing subsidiary Dell Technologies Capital.
Venture capital firm Highland Capital Partners led the round, which included affiliate Highland Europe in addition to VC firm Sequoia Capital and investment manager Coatue Management. It brought the company’s overall funding to $128m.
Domino has created a software platform that enables users to manage data science activities, and it disclosed the funding alongside the launch of Domino Model Monitor, a product that mitigates against inaccuracies caused by ‘drift’ in machine learning models due to changes in data.
Daniel Docter, managing director at Dell Technologies Capital, said: “Enterprises continue to leverage data science to transform every aspect of their business, from customer support and engagement, to product development and research, to IT systems and operations management.
“Domino’s open data science platform provides support for preferred languages, tools and frameworks, and quick access to any infrastructure for reproducible and transparent model creation and deployment. We are excited to welcome Domino Data Lab to our growing portfolio of innovative AI and machine learning investments.”
Sequoia Capital and Coatue Management co-led the company’s last round, when it raised $40m in August 2018. Both also took part in a $27m round the previous year that included Bloomberg Beta, an investment vehicle for media group Bloomberg, as well as Zetta Venture Partners.
Sequoia Capital had already led a $10.5m round for Domino in 2016 that also featured Bloomberg Beta and existing backers Zetta Venture Partners and In-Q-Tel.
