AI Startup Domino Data Gets New Funds

"Artificial intelligence startup Domino Data Lab Inc. said Tuesday it raised $100 million in new funding amid increased business interest in tools that help data scientists build and deploy AI applications.

The funding will be used to scale its sales organization and build out its machine-learning platform's features and functions, said Nick Elprin, Domino Data's chief executive and one of its co-founders.

Domino Data has raised $228 million since its founding in 2013. Private-equity firm Great Hill Partners led the series F round with participation from graphics-chip maker Nvidia Corp. and existing investors Coatue Management, Highland Capital Partners and Sequoia Capital. The company didn't disclose its valuation.

 

The San Francisco-based company offers a platform that helps companies with their machine-learning operations, or MLOps, specifically in the building, deploying and ongoing management of the basic building blocks of machine-learning applications called models.

 

Domino Data's customers include Lockheed Martin Corp., Ford Motor Co. and other large multinational companies.

Businesses are expanding their use of machine-learning and other AI technologies to enhance the customer experience, increase sales and improve operations. Research firm International Data Corp. in August forecast global spending on AI will grow from $85.3 billion in 2021 to more than $204 billion in 2025.

But businesses creating and deploying machine-learning models across their operations often have trouble coordinating the efforts of large data-science teams, Mr. Elprin said. In addition, those teams often lack a central resource where they can access the data and compute power needed to train their models and where they can monitor the performance of their models once they go live, he said." [1]

1. AI Startup Domino Data Gets New Funds
McCormick, John.  Wall Street Journal, Eastern edition; New York, N.Y. [New York, N.Y]. 06 Oct 2021: B.4.