DataRobot scores $206m Series C to support product development

AI and machine learning technology solution developer DataRobot has scored $206m in its Series E round.

Sapphire Ventures led the investment, with contributions also coming from new backers Tiger Global Management, World Innovation Lab, Alliance Bernstein PCI, and EDBI.

Previous investors of DataRobot, including DFJ Growth, Geodesic Capital, Intel Capital, and Sands Capital, increased their ownership, and NEA and Meritech also participated.

Following the close of the round, the FinTech has raised $431m in equity. Its former round closed last year on $100m.

With the funds from the round, the company will look to build on its momentum and further the development of its services, including automated machine learning, automated time series, and MLOps. The company is also exploring potential acquisition opportunities.

DataRobot aims to help organizations transform data into value with AI and automate various tasks. The platform can be used to build and develop predictive models for companies within the banking, FinTech, Insurance, public sector, healthcare, energy and other industries.

Its platform compares algorithms, pre-processing steps, features, transformations, and tuning parameters to build the best models for companies.

In addition to the funding round, the company has released its DataRobot MLOps, a solution for deploying, monitoring, and managing machine learning models across the enterprise.

Sapphire Ventures president and managing director Jai Das said, “AI is fundamentally changing the way the world works, and DataRobot is delivering on its promise to make all enterprises AI-enabled to drive innovation and value.

“We’re pleased to expand our stake in DataRobot as they rapidly scale and expand the capabilities of their platform through R&D and strategic acquisitions. We look forward to continuing to help build one of the world’s fastest growing AI companies.”

Earlier in the year, DataRobot partnered with Feedzai to give financial institutions the tools for enhanced financial crime detection.

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