Machine learning platform DataRobot is reportedly looking to fund $11m into Singapore to set up a regional headquarters and boost research.
The company is looking to deploy half of this capital to hire 50 new employees by 2019, according to an article by TechInAsia. Depending on how well the company does, it might invest a further $37m to the region, it said.
DataRobot is a machine learning platform to help data scientists build and develop predictive models for companies within the banking, FinTech, insurance, public sector, healthcare, energy and other industries. The company compares algorithms, pre-processing steps, features, transformations, and tuning parameters to create the best models for companies.
Earlier in the year, the company had pulled in up to $67m in a funding round, according to a SEC filing. While the close is unclear, the filling was launch a couple of months after it had closed a $54m Series C round from New Enterprise Associates.
The data and analytics sector was dominated by big data companies last year, with it accounting for around 69 per cent of total investments in the sector. Big data companies saw around $835.4m in funding, with the next highest was in to financial research and analyst companies, with $313m being invested.
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