San Francisco-based data science management platform Domino Data Lab announced Wednesday that it raised $43 million in a financing round led by Highland Capital Partners.
According to the company, the additional capital will be used to develop new features that help businesses accelerate their research and manage data science at scale.
The company recently debuted its latest product, the Domino Model Monitor, which is designed to prevent mistakes from happening in machine learning predictions. These mistakes are commonly referred to as “drift” and the tool enables businesses to automate alerts for “drift” in all of their models, regardless of whether they were developed or deployed.
“As the world’s most sophisticated companies are increasingly investing in data science as a competitive advantage, it’s clear they need new capabilities to manage their models and scale their research,” Nick Elprin, co-founder and CEO of Domino Data Lab, said in a statement.
The new tool was designed to reduce the risk of financial loss for businesses that already can’t afford to make any mistakes given drastic changes to the economic environment due to COVID-19.
“We run models in production where data drift critically impacts the predictions of those models,” Søren Pedersen, data scientist at Topdanmark, an insurance company and Domino customer, said in a provided statement. “We need to know what has drifted and by how much. Having an automated tool to monitor this drift against the training data is very important.”
The data science management platform is used to aid research efforts at companies like Dell Technologies, Allstate, Lockheed Martin and Bayer, among others.
“We’re proud that our new product capabilities are helping companies research, deploy models, and now monitor those models at scale and this latest funding will let us accelerate development of more innovative products for our customers,” Elprin said in a statement.
The company, founded in 2013, has raised a total of $123.6 million in venture capital to date, according to Crunchbase. Additional investors Sequoia Capital, Coatue, Dell Technologies Capital and Highland Europe also participated in the round.
