There's been a lot of investment in machine learning startups recently as companies try to push the notion into a wider variety of endeavors. Comet, a company that helps customers iterate on models in an experimentation process designed to eventually reach production, announced a $13 million Series A today.
Scale Venture Partners led the round with help from existing investors Trilogy Equity Partners and Two Sigma Ventures. The startup has raised almost $20 million, according to Crunchbase data.
Investors saw a company that has grown revenue over 500% over the last year, says Gideon Mendels, co-founder and CEO. "Things have been working very well for us. On the product side, we've continued to double down on what we call experimentation management where we are really tracking these models -- data that came into them, the hyper parameters and helping teams to debug and understand what's going on with their models," he said.
In addition to the funding, the company is also announcing an expansion of the platform to follow the models into post production with a product they are calling Comet Model Production Monitoring (MPM).
"The model production monitoring product essentially focuses on models post production. The original product was more around how multiple offline experiments are modeled during training, while MPM is focused on these models once they hit production for the first time," Mendels explained.
Andy Vitus, partner at investor Scale Venture Partners, sees model lifecycle management tooling like Comet's as a developing market. "Machine learning and AI will drive the future of enterprise software, and ensuring that organizations have full visibility and control of a model’s life cycle will be imperative to it," Vitus said in a statement.
As the company grows, it's opening a new engineering hub in Israel in addition to its office in NYC. While these offices are closed for now, Mendels says that they will have a hybrid office when the pandemic ebbs.
"Moving forward we are planning to have an office in New York City and another office in Tel Aviv. But we're not going to require anyone to work from the office if they choose not to, or, they can come in a couple days a week. And we're still going to support hires from around the world."