Domino Data Lab, a US-based data science technology developer that counts media company Bloomberg as an investor, has secured $40m in a round it said increased its total funding to $81.2m.
The round was co-led by venture capital firm Sequoia Capital and investment manager Coatue Management, both of which took part as existing investors.
Founded in 2013, Domino has built an open data science platform that can be used by organisations to create and enhance their own data science models in order to strengthen their businesses.
The funding will be used to develop new data science software products and increase the size of Domino’s team as it looks to expand internationally.
Bloomberg’s corporate venturing unit, Bloomberg Beta, joined Zetta Venture Partners and In-Q-Tel for the company’s $3m series A round in 2015, before all three returned for a $10.5m series B led by Sequoia Capital the following year.
Coatue Management subsequently led Domino’s $27m series C round in April 2017, investing together with Bloomberg Beta, Sequoia Capital and Zetta Venture Partners.
Nick Elprin, Domino’s co-founder and chief executive, said: “Customers using Domino have happier and more productive data scientists building and delivering models faster.
“The strong backing from Sequoia and Coatue amplifies our ability to help our customers improve their models, whether that lets them increase crop yields, reduce fraud, invent new medicine or simply recommend the best meal to order.”