Carrick Capital Partners has teamed up with Dr. Lawrence Carin, a vice provost for research and professor of electrical and computer engineering at Duke University, to launch a machine learning business. Carrick has invested $10 million in the new business. Carin will serve as chief scientist of the new company.
San Francisco and Newport Beach, CA – September 13, 2017 – Carrick Capital Partners, an investment firm focused on technology-enabled businesses including SaaS, Software, BPO and Transaction Processing, today announced their partnership with Lawrence Carin, PH.D., Duke University’s Vice Provost for Research and Professor of Electrical and Computer Engineering, to build a machine learning (ML) company that leverages Carin’s highly sought-after team of Artificial Intelligence (“AI”) experts.
The company will focus on three industries (services, security and healthcare) and three horizontals (text/contracts, images/video and voice/speech). Deliberately entering the market as a technology services company, the ML business will attain additional marquee clients, capital, and market feedback to fortify their proprietary platform for ultimately establishing a SaaS-based ML offering to serve a rapidly accelerating AI market.
“Larry’s expertise as one of the top ML luminaries in the world and the world class research team of ML scientists he has assembled are unparalleled. They have a track record of empowering companies to reduce required resources, increase efficiency, achieve breakthrough thinking, and predict market conditions impacting business decisions,” explained Carrick Capital Partners Operating Partner Mike Salvino who worked with Larry Carin to deliver machine learning technology to drive business innovation when Salvino was Group Chief Executive at Accenture Operations.
“Carrick has unique and extensive experience building Built for Purpose companies from the ground up. I’ve been extremely impressed by their knowledge of the process and their ABV (Approach to Building Value). The resources, networks, market strategy and operational expertise Carrick brings to the table are tremendously valuable in building and ultimately growing and scaling this business,” said Lawrence Carin who will serve as Chief Scientist of the new machine learning company.
“Machine Learning is a very promising area, but there are few established market leaders that have achieved scale. We are excited by the opportunity to collaborate with this exceptional team to build a great company that will capitalize on a significant market opportunity and deliver great value to Fortune 500 businesses as well as companies within the Carrick portfolio,” added Carrick Capital Partners Co-founder Marc McMorris.
Marc McMorris and Mike Salvino will join Larry Carin as active members of the company’s board.
About Carrick Capital Partners
Headquartered in San Francisco and Newport Beach, Carrick Capital Partners is a growth-oriented investment firm that utilizes ABV (Approach to Building Value) to operationally scale fast-growing, technology-enabled businesses. Carrick adds value by taking a concentrated approach and dedicating significant resources post-investment. Leveraging decades of experience, Carrick helps scale great companies that deliver excellent returns for investors, stimulating economic growth and positively impacting the industry landscape. Working directly with CEOs and entrepreneurs, Carrick fulfills a vital need for investment capital and growth expertise.
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