Data science solution cnvrg.io has scored $8m in both seed and Series A funding, allowing the startup to open offices in New York.
Jerusalem Venture Partners led the seed round, while Hanaco VC led the Series A. The capital of the two rounds is $8m, but it is unclear how this capital is split between the rounds.
Having raised this capital, the FinTech is opening offices in New York City and will increase its sales and R&D efforts.
The company helps clients develop, test, manage, deploy and refine machine learning algorithms for consistent production-driven improvement. cnvrg is used in a range of industries including financial services, insurance, healthcare, retail, gaming and manufacturing, among others.
Financial institutions are using cnvrg to enhance customer predictions or financial markets to improve risk mitigation through historical and real-time data. Insurance firms leverage the machine learning technology to mitigate risk with more accurate claims predictions and fraud assessment, as well as personalize insurance offers, policies, pricing and recommendations.
Jerusalem Venture Partners general partner Yoav Tzruya said, “Adoption of data science as a competitive edge is a must for today’s data-driven businesses. Companies are frantically seeking solutions, enabling them to rapidly streamline data science processes, automating all aspects, from model development to production, while further addressing the shortage of data scientists.
“We believe cnvrg.io is the only tool in the market that offers enterprise complete lifecycle management, supporting a wide variety of AI use cases and models, which has the potential to allow organizations to achieve that goal.”
Earlie in the month, Hanaco led the $6.5m Series A funding round of cybersecurity startup Sepio Systems.
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