Recently, there has been a lot of investment in machine learning startups as companies try to push the notion into a wider variety of activities. Comet, a company that helps customers iterate over models in a process of experimentation designed to eventually hit production, today announced a $ 13 million Series A.
Scale Venture Partners led the round with help from existing investors Trilogy Equity Partners and Two Sigma Ventures. The startup has raised nearly $ 20 million, according to data from Crunchbase.
Investors have seen a company that has grown revenues by more than 500% in the past year, says Gideon Mendels, co-founder and CEO. “Things have worked out really well for us. On the product side, we have continued to double down on what we call experimentation management where we really track these patterns – the data that goes into them, the hyper parameters and helping teams debug and understand what’s going on. with their models ”. he said.
In addition to the funding, the company is also announcing an extension of the platform to track models in post-production with a product they call Comet Model Production Monitoring (MPM).
“The model production tracking product primarily focuses on the post-production of the models. The original product was more focused on how multiple offline experiences are modeled during training, while MPM focuses on those models once they are in production for the first time, ”Mendels explained.
Andy Vitus, partner at investor Scale Venture Partners, sees model lifecycle management tools like Comet’s as a developing market. “Machine learning and artificial intelligence will drive the future of enterprise software, and it will be imperative to ensure organizations have complete visibility and control over a model’s lifecycle,” said Vitus in a press release.
As the company grows, it opens a new engineering center in Israel in addition to its office in New York. Although those offices are closed for now, Mendels says they will have a hybrid office when the pandemic subsides.
“In the future, we plan to have an office in New York and another in Tel Aviv. But we won’t force anyone to work in the office if they choose not to, or they can come a few days a week. And we will always be supporting rookies around the world. “