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MLOps startup Comet gets $ 50 million in Series B in just six months after raising A – TechCrunch

As machine learning becomes a more integral part of running a business, the model building process still requires iteration and experimentation. Comet Has created an entire platform for acquiring models, from ideas to products, and today the company announced the $ 50 million Series B.

The investment comes right after the company $ 13 million per round During April.

OpenView led the round with the participation of existing investors Scale Venture Partners, Trilogy Equity Partners and Two Sigma Ventures. The company is currently raising about $ 70 million, according to Crunchbase data.

Gideon Mendels, co-founder and CEO of the company, said the product works on all platforms, from laptops to the cloud to on-premises clusters.

“Comet is a platform that enables data scientists and machine learning engineers to accelerate machine learning development. It manages and optimizes the entire machine learning lifecycle, from experiment tracking to model production. It’s all about monitoring, “Mendels said. Told me

He said this approach is working. The company’s annual recurring revenue (ARR) has increased five-fold this year, and Comet currently counts 150 companies using platforms such as Uber, Zappos, and Etsy.

Lead investor OpenView partner Mackey Craven said he was attracted to Comet because he believes Comet is a startup that builds viable products for emerging markets and has great opportunities.

“Because it is the creation of a new market, or [because of] The technological turmoil that will allow new entrants to create and capture value in the market in the future, we will step up and step up significantly, “Craben explained.

Currently, the company has 50 employees in 9 countries on 4 continents and expects to reach 100 by next year. Mendelssohn said diversity and inclusiveness are important parts of a company’s value structure.

“It’s a really important part of our culture,” he said. “Currently, we have 35% of the teams in the Underrepresented Group. This will continue to be the focus of future recruitment.”

The company will also launch a new product called Artifacts, a data versioning tool that works like document versioning, allowing data scientists to track data over time.

“With Comet Artifacts, you’re basically versioning every snapshot of your data when you’re working in a machine learning pipeline, so you create a version every time you make a change.” Mendels said this has many advantages, adding that it will allow data scientists to see how the data used to train their models changes over time and compare their training. rice field. Converts model data to what is included in the production model.

https://techcrunch.com/2021/11/18/mlops-startup-comet-nabs-50m-series-b-just-six-months-after-raising-its-a/ MLOps startup Comet gets $ 50 million in Series B in just six months after raising A – TechCrunch

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