{"id":6957,"date":"2017-06-24T22:34:54","date_gmt":"2017-06-24T22:34:54","guid":{"rendered":"https:\/\/rsoftsolution.com\/blog\/algorithmia-raises-10-5m-series-a-round-led-by-googles-new-ai-fund.html"},"modified":"2017-06-24T22:34:54","modified_gmt":"2017-06-24T22:34:54","slug":"algorithmia-raises-10-5m-series-a-round-led-by-googles-new-ai-fund","status":"publish","type":"post","link":"https:\/\/www.rbsitsoftwaresolution.in\/blog\/algorithmia-raises-10-5m-series-a-round-led-by-googles-new-ai-fund.html","title":{"rendered":"Algorithmia raises $10.5M Series A round led by Google\u2019s new AI fund"},"content":{"rendered":"


\n<\/p>\n

About a month ago, word spread<\/a> that Google had quietly launched a new fund for investing into AI companies. Now this fund has made its first (or at least its first public) investment. Led by Google\u2019s VP of engineering for AI, Anna Patterson, this new fund is leading a $10.5 million Series A into Algorithmia<\/a>, a marketplace and enterprise solution that allows developers to easily tap into its catalog of 3,500 algorithms, functions and machine-learning models.<\/p>\n

Other participants in this round include new investor Work-Bench, as well as current investors Madrona Venture Group, Rakuten Ventures and Osage University Partners.<\/p>\n

As Algorithmia founder and CEO Diego Oppenheimer told me, there was a lot of excitement for this funding round among VCs, mostly because the service enables other companies to easily make use of recent machine learning advances. \u201cThere are a lot of people coming to VCs and saying: We are AI for this \u2014 and we are AI for that,\u201d he said. \u201cBut there aren\u2019t that many that are enabling this. The back-end operations, the scaling. Everybody believes that toolset is necessary.\u201d<\/p>\n

\"\"<\/a>The Seattle-based company currently has 45,000 developers on its platform, and the algorithms on the site stem from university researchers and individual developers from across the globe.<\/p>\n

\u201cWe were impressed with Algorithmia\u2019s engineering capabilities and community promise,\u201d said Patterson, Google\u2019s VP of engineering for AI and the head of the company\u2019s new AI fund. \u201cThey\u2019ve built a secure and scalable marketplace for AI models that allows developers to openly collaborate.\u201d<\/p>\n

As Oppenheimer also stressed, the company has recently started to bring on more enterprises<\/a> and even some intelligence agencies thanks to its ability to run their workloads in private, secured clouds. That\u2019s a growing business for Algorithmia, and surely one of the reasons there was a lot of VC interest in this round.<\/p>\n

As Oppenheimer noted, Algorithmia\u2019s so-called CODEX platform (PDF<\/a>) was built to be portable, and the service currently runs on AWS, Azure and the \u00a0Google Cloud Platform. In addition, the team also supports private deployments on OpenStack, which its customers in the financial and telecom businesses were requesting. Given that the service essentially runs its users\u2019 random code on its servers, the team has long focused on security, and that\u2019s something that\u2019s paying off now that it is talking to financial institutions and government agencies.<\/p>\n

Given that Google has now invested in the company, I couldn\u2019t help but ask Oppenheimer about potential acquisitions. \u201cWe have no intention of that yet. We are 100 percent committed to building out this business,\u201d he said. He did add, though, that the company has received acquisition offers and that he could\u2019ve \u201cgone the acquisition round.\u201d He stressed that Google wasn\u2019t one of the companies that approached him about buying the company.<\/p>\n

Algorithmia currently only has 13 people on staff. Most of these are engineers. With the new funding, the team will likely expand to 23 or so by the end of the year. Because of its success in the enterprise, the company also plans to open an office for its sales team and solutions engineers in New York City.<\/p>\n

<\/p>\n

Article source: http:\/\/feedproxy.google.com\/~r\/techcrunchIt\/~3\/ri9A4vnD7Ms\/<\/p>","protected":false},"excerpt":{"rendered":"

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