Seldon is a U.K. startup that specializes in the rarified world of development tools to optimize machine learning. What does this mean? Well, dear reader, it means that the “AI” that companies are so fond of trumpeting does actually end up working.
It has now raised a £7.1 million Series A round co-led by AlbionVC and Cambridge Innovation Capital . The round also includes significant participation from existing investors Amadeus Capital Partners and Global Brain, with follow-on investment from other existing shareholders. The £7.1 million funding will be used to accelerate R&D and drive commercial expansion, take Seldon Deploy — a new enterprise solution — to market and double the size of the team over the next 18 months.
Key to its success is that its open-source project Seldon Core has more than 700,000 models deployed to date, drastically reducing friction for users deploying ML models. The startup says its customers are getting productivity gains of as much as 92% as a result of utilizing Seldon’s product portfolio.
Alex Housley, CEO and founder of Seldon speaking to TechCrunch explained that companies are using machine learning across thousands of use cases today, “but the model actually only generates real value when it’s actually running inside a real-world application.”
“So what we’ve seen emerge over these last few years are companies that specialize in specific parts of the machine learning pipeline, such as training version control features. And in our case we’re focusing on deployment. So what this means is that organizations can now build a fully bespoke AI platform that suits their needs, so they can gain a competitive advantage,” he said.
In addition, he said Seldon’s open-source model means that companies are not locked-in: “They want to avoid locking as well they want to use tools from various different vendors. So this kind of intersection between machine learning, DevOps and cloud-native tooling is really accelerating a lot of innovation across enterprise and also within startups and growth-stage companies.”
Nadine Torbey, an investor at AlbionVC, added: “Seldon is at the forefront of the next wave of tech innovation, and the leadership team are true visionaries. Seldon has been able to build an impressive open-source community and add immediate productivity value to some of the world’s leading companies.”
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 operationalizes 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.”
This post first appeared here: https://techcrunch.com/2020/11/17/ai-tool-maker-seldon-raises-7-1m-series-a-from-albionvc-and-cambridge-innovation-capital/