Global enterprise AI and machine learning platform Dataiku today announced in a company press release that it has raised $100m in a Series D funding round led by Stripes, with an investment by Tiger Global Management and participation from existing investors Battery Ventures, CapitalG, Dawn Capital, FirstMark Capital, and ICONIQ.
Dataiku will be using the funding to support the team with its goal of extending its leadership and presence in the enterprise AI market and growing its customer base.
Florian Douetteau, co-founder and CEO of Dataiku commented on why the funding round was a success by saying: “Our leadership in enterprise AI continues to attract world-class investors who understand that Dataiku’s solution and customer base are truly global and that we’re uniquely positioned to help businesses realize the untapped potential for AI to transform the enterprise.”
Enterprise AI is becoming an increasingly hot topic with industries realising the potential of integrating AI into its processes at a significant rate, arguably due to COVID-19 and the increasing switch to a digital economy and workforce.
The global enterprise AI and machine learning platform are not the only ones in the market receiving funding as investors are also realising the potentials by taking positions in similar companies.
Examples of this are Element raising $18m to enable the data-driven transformation of industrial enterprises and AI negotiation platform Pactum raising $3m.
New York-based Dataiku was founded in 2013 with the mission to take machine learning and AI projects out of experimental labs and put them into its customer’s everyday operations for improved efficiency and business results.
The company has been recognised for its efforts towards its company mission statement with the global enterprise AI and machine learning platform being named in the 2019 Forbes Cloud 100, which is the definitive ranking of the top 100 private cloud companies in the world.
Paul Melchiorre, Operating Partner at Stripes commented on how the success of Dataiku led them to invest by saying: “What we’ve seen in Dataiku is not only a commitment to developing future-proof technology for customers ranging across nearly every major industry and geography, but perhaps more importantly, a team of dedicated professionals and global organization working to ensure trust, safety and resilience through machine learning. We’re excited to be a part of their continued success through this investment.”
Since Dataiku was born in 2013, its team has grown to more than 450 people worldwide with people based out of New York, Paris, London, Frankfürt, Dubai, Amsterdam, Sydney, and Singapore.
The global enterprise AI and machine learning platform claims to currently serve over 300 customers worldwide with globally recognised names on its client roster including Schlumberger, GE Aviation, Sephora, Unilever, BNP Paribas, Premera Blue Cross, Kuka, and Santander.
Douetteau commented on what role AI has played during the COVID-19 pandemic by saying: “In a global business market rocked by the changes 2020 has brought, AI has proven to be a critical element of organizational success driving business growth in every major vertical market.”
The global enterprise AI and machine learning platform believe that for businesses to succeed in the world’s rapidly evolving data ecosystem, they must use data science, machine learning, and AI to continuously innovate.
Enterprise AI is enabling businesses that might not know anything about technology or deal with technology in any way to make better decisions, install more efficient processes into its operations, and lower costs over a certain time period.
Evgenia Plotnikova, Partner at Dawn Capital commented on the “The market has continued to validate Dataiku’s collaborative approach as the best way to reap the benefits of AI throughout any organization. And agility through AI has never been a more important capability in the enterprise.”
However, there’s still a number of businesses that are not aware of the potential that lies before them if they were to have AI implemented into its business systems.
This current situation gives global enterprise AI providers Dataiku an opportunity with its fresh funding to make the market aware of the upside potentials that can be in store for them through using AI capabilities.
The enterprise AI and machine learning platform is not the only contender for the enterprise AI market share with businesses constantly innovating to deliver customers more value with a recent example being DataRobot releasing new AI features to its own enterprise AI platform.
Ron Shah, Partner at Stripes commented on where Dataiku stands in the enterprise AI market by saying: “The progression of AI in the enterprise has moved rapidly from experimentation to real-life implementations at scale in 2020, and Dataiku is at the forefront of that shift with the most comprehensive, secure and enterprise-ready product we have seen in our extensive research into this market.”
This Series D funding round brings the global enterprise AI’s total funding to just shy of $250m with a total of 12 investors since the companies launch in 2013.
