Israel-based machine-learning software developer Iguazio secured $24m in funding yesterday from investors including Verizon Ventures and Samsung SDS, subsidiaries of telecommunications firm Verizon and consumer electronics producer Samsung respectively.
Venture capital fund INCapital Ventures led the round, which was also backed by Pitango, Magma Venture Partners, Kensington Capital Partners, Plaza Ventures and Silverton Capital Ventures.
Iguazio has created a data science platform that allows artificial intelligence applications utilising machine learning technology to be developed and released at scale. It will put the funding towards geographical growth.
Asaf Somekh, Iguazio’s co-founder and chief executive, said: “This is a pivotal time for AI. Our platform helps data scientists push the limits of their real-time AI applications and see their impact in real business environments.
“With support from INCapital, Kensington Capital Partners and our other investors, we are ready to expand our international team and reach our ambitious goals.”
Samsung SDS invested an undisclosed amount in Iguazio in March 2019, following a $33m series B round in 2017 featuring Verizon Ventures, Robert Bosch Venture Capital, CME Ventures and Dell Technologies Capital – vehicles for industrial product maker Bosch, exchange operator CME Group and computing technology provider Dell.
The round, which valued Iguazio at $100m, was led by Pitango and included Magma Venture Partners and Jerusalem Venture Partners. The latter two had joined Dell Technologies Capital to provide $15m in series A funding for the company two years earlier.
