Domino Data Lab, an open data science platform, has collected $40m in its latest round of funding.
Sequoia Capital and Coatue Management led the investment. Since the company was founded it has raised $81.2m in venture funding, with its previous round raking in $27m last year.
The capital injection will be used to develop new products for its platform, hire new talent, and expand its international presence. Domino also hopes to secure and bolster its strategic partnerships with companies like SAS and AWS.
San Francisco-based Domino is an open data science platform helping the running of companies and monitoring the models. The platform is used within the financial services, insurance, banking, internet and technology, healthcare, manufacturing, and pharmaceutical industries.
Clients can use Domino to manage risk, front-access to the cloud, automate processes and leverage open data science. Its risk management services can be used to monitor all company models, collect and validate documents, and compare and test assumptions.
This investment comes just two months after Domino revealed its new Model Management framework and strategy. The service will enable model-driven businesses to develop, deliver, and manage predictive models.
Over the past nine months the company has tripled its revenue and onboarded enterprise clients such as Allstate, Dell, Bristol-Myers Squibb, and Monsanto. Lloyds Banking Group, SunCorp Group, and BNP Paribas Cardiff, were also among the new clients.
Domino Data Lab.co-founder and CEO Nick Elprin said, “Customers using Domino have happier and more productive data scientists building and delivering models faster. The strong backing from Sequoia and Coatue amplifies our ability to help our customers improve their models, whether that lets them increase crop yields, reduce fraud, invent new medicine, or simply recommend the best meal to order.”
Earlier in the year, Sequoia Capital Israel general partner Gili Raanan has raised $54m for a new cybersecurity-focused fund. The vehicle, Cyberstarts, hit its target after collecting commitments from 56 LPs, according to a US SEC filing.
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