Cambridge Innovation Capital co-leads £7.1m Series A in ML powerhouse
Cambridge Innovation Capital and AlbionVC have co-led a £7.1 million Series A investment in a cloud agnostic machine learning company set for global growth.
Seldon will use the cash to further develop its technology and build out its global footprint with a new go-to-market team in the US, a solutions-based engineering team in Asia and a new R & D lab in Cambridge UK.
The Series A also includes significant participation from existing investors Amadeus Capital Partners and Global Brain, with follow-on investment from other existing shareholders.
Anchored in Shoreditch, Seldon is an Open Source DevOps business providing enterprises with the tools to manage, serve and optimise their Machine Learning models at scale.
Seldon works in partnership with industry leaders such as Google, Red Hat, IBM and Amazon Web Services. Seldon’s suite of products enhances ML deployment pipelines with best-in-class explainability, governance and monitoring functions. Since September 2018 Seldon says it has experienced 38 per cent month-on-month growth.
The company will take to market Seldon Deploy – a new enterprise solution which builds on Seldon Core’s capabilities and automates even more ML engineering tasks.
The company’s flagship open-source project Seldon Core has over 700,000 models deployed to date, drastically reducing friction for users deploying ML models.
Seldon plans to more than double the size of the team over the next 18 months and make several strategic hires in data science research and engineering to support further rollouts.
Seldon’s technology can help to ensure decisions made by ML algorithms are transparent and ethical, enabling customers to regulate the deployment of their models with significant oversight. Customers report productivity gains of 92 per cent as a result of utilising Seldon’s product portfolio.
Seldon caters to a broad range of industries, across healthcare through to retail, of all sizes ranging from startups to tech giants. The company has seen significant adoption by financial services companies since it was founded in 2014 and now counts an American stock exchange business and global credit card companies including US bank Capital One as users.
Vin Lingathoti, partner at Cambridge Innovation Capital said: “Machine learning has rapidly shifted from a nice-to-have to a must-have for enterprises across all industries.
“Seldon’s open-source platform operationalises ML model development and accelerates the time-to-market by eliminating the pain points involved in developing, deploying and monitoring Machine Learning models at scale.
“The founding team has deep domain expertise and truly understands the complexities involved with ML model management. CIC is excited to partner with Seldon as the teams builds the next-gen ML Ops platform to democratise AI across enterprises.”
Alex Housley, CEO and founder of Seldon said: “There’s never been a greater need to effectively deploy ML models in enterprise and this fresh capital injection will ensure our customers have the tools they need to achieve their goals.”
• PHOTOGRAPH: Clive Cox, CTO of Seldon and Vin Lingathoti, Partner at CIC