DataRobot, a US-based machine learning technology developer backed by chipmaker Intel, insurance firm New York Life and human resources provider Recruit, secured $54m in series C funding yesterday.
Venture capital firm New Enterprise Associates (NEA) led the funding, which represents the first tranche of a series C round in which DataRobot expects to add a “significant but undisclosed amount” of additional capital.
Founded in 2012, DataRobot seeks to bring high-level data science to commercial customers and has built what it claims is the world’s most advanced enterprise machine learning platform.
The software automates machine learning, enabling accurate machine learning models to be deployed relatively quickly.
The capital will be used to double the size of DataRobot’s research and development team as it looks to speed up the development and introduction of new features. It also intends to expand internationally, adding increased support for its various partners.
The company’s overall funding now stands at $111m, with New York Life, NEA, Accomplice and IA Ventures having provided $21m in series A capital in 2014 at a $60m valuation.
The same four participants returned for a $33m series B round in February 2016 that added corporate venturing units Intel Capital and Recruit Strategic Partners as investors.