Domino Data Labs Raised $100 Million in the Latest Funding Round
Culled from the news released by Domino Data labs on funding and the company's progress plans.
Domino Data Labs announced a successful series F round led by Great Hill Partners. They also announced their increased collaboration with NVIDIA and their plans to provide infrastructure AI to aid data science technology.
Domino Data Labs has raised $100 million in the just-concluded series F round.
Great Hill Partners led the funding round.
The enterprise announced a collaboration with NVIDIA to integrate products made.
Domino Data Labs provides data science solutions for 20% of fortune 100 companies.
The enterprise added a new member to help them achieve growth in their plan of being model-driven.
In a news release by Domino Data Lab on the 5th of October, 2021, the MLOps platform provider disclosed that it had received $100 million in funding during its just-concluded round. The just-concluded series F funding round was led by Great Hill Partners and NVIDIA.
The enterprise also announced its partnership with NVIDIA, which is focused on further integrating their products and an increase in the joint effort provided by both giants to market products and provide service for their customers. In a statement released by the CEO of Domino Data Labs, Nick Elprin.
The Kubernetes-based platform provided by the lab competes in the MLOps product category and creates software that enterprises use to deploy and manage AI models. The company boasts that its platform provides a management console that allows users to view data from multiple sources when managing machine learning projects.
The enterprise also promises that these collaborations would work to create infrastructure for AI projects that would be focused on making it easier for IT teams to administer hardware resources to data science teams using a centralized interface. This would lead to a direct reduction of the effort previously needed by the teams to manage infrastructure. The innovation is projected to make hiring easier as fewer hands would be needed in the hiring process.
Forrester has projected the AI market to reach 13 billion dollars by 2025, and the growth currently shown by Domino Data Labs reflects this. The company has increased its customer base by 2x and its annual recurring revenue by 2x as well. In their article, the company also stated that they had about 20 percent of the leading Fortune 100 depending on the enterprise to provide infrastructure to help scale their data science operations.
The announcement was closed with insights on the importance of being a model-driven enterprise being discussed in the news. And the enterprise also announced the addition of a new member to their team. Tom Gleason, who had served in financial leadership roles in his career, would join the enterprise as the Chief Financial Officer and lead the team to achieve its plan of being model-driven.
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