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Data science platform Cnvrg.io gathers $8 mln

Cnvrg.io, a data science platform, has secured a total of $8 million funding. The company’s investors include Hanaco VC and Jerusalem Venture Partners.

PRESS RELEASE

NEW YORK, NY – November 13, 2019 – cnvrg.io, the data science platform simplifying model management and introducing auto-adaptive and continual machine learning to the industry, today announced the completion of its seed and Series A funding rounds, totaling $8 million. Closely following a successful seed funding round led by Jerusalem Venture Partners (“JVP”), the Series A funding round led by Hanaco VC marks a total of $8 million raised within a year. Fueled by the overwhelming demand for the platform and rapid innovation, cnvrg.io is on track for tremendous growth. The $8 million raised will allow cnvrg.io to open offices in New York City and expand its sales and R&D efforts.

The global business community is undergoing an unprecedented period of modernization as companies employing legacy technologies and archaic business processes leverage the benefits of AI and machine learning. Many enterprises lack the resources, knowledge and skill sets to rapidly develop and deploy advanced AI technologies. Instead, they turn to cnvrg.io’s cutting edge end-to-end platform to scale and manage machine learning production.

Dedicated to accelerating machine learning development, and to manage CI/CD for machine learning at scale — cnvrg.io helps teams quickly develop, test, manage, deploy and refine machine learning models to ensure consistent production-driven improvement. Led by top data scientists, the cnvrg.io platform is built to manage, unify and accelerate the full machine learning lifecycle, from vision and development, team collaboration and testing, all the way to production, deployment, monitoring and refinement. It has everything a data scientist needs to produce high impact results.

“We had been looking to make an investment into a company that democratizes AI and machine learning for quite some time,” says Pasha Romanovski, Hanaco Ventures Co-founding Partner. “What really impressed us is how quickly Leah and Yochay built a product to address this market need, recruited an impressive team and onboarded a great group of customers. In a few years, most companies will have a data science team and cnvrg.io is poised to be their platform of choice.”

“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,” says Yoav Tzruya, General Partner at Jerusalem Venture Partners (JVP). “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.”

cnvrg.io has significantly decreased the time and complexity of modeling, building, training and deploying production-grade AI and machine learning models by providing data scientists, developers, and analysts the tools to maintain full flexibility and control:
Continual Learning to build and automate machine learning pipelines from research to production and automatically retrain models in production with incoming data and advanced monitoring capabilities to ensure models are accurate, healthy and performing well.
Machine learning management that standardizes the full machine learning process in a collaborative environment that supports management of models, experiments, data and research for 100% reproducible data science.

An Open Platform that works with any framework or programming language. Its advanced connectivity to any compute resources (cloud / on premise) allows organizations to utilize on premise infrastructure (Kubernetes, Data Lakes, Hadoop, etc.) and scale to any cloud in one click.

“As data scientists and AI consultants ourselves, we understand the frustration data scientists, data engineers and organizations encounter when building machine learning,” says Yochay Ettun, CEO and co-founder of cnvrg.io. “That is why we started cnvrg.io, to help make the process faster and more efficient, so data scientists and developers can focus on the real magic – algorithms.”

Also backed by private investors Kevin Bermeister, Skype’s founding investor, and Prashant Malik, co-creator of Cassandra, cnvrg.io will continue its growth across all major industries including financial services, insurance, healthcare, retail, automotive, gaming, and manufacturing and media.

To learn more about cnvrg.io, please visit: https://cnvrg.io/

ABOUT CNVRG.IO
cnvrg.io is a full-stack data science platform that helps manage and scale AI and data science faster. cnvrg.io is backed by Jerusalem Venture Partners, Hanaco a NY and TLV based VC fund, and private investors Kevin Bermeister (Skype’s founding investor) and Prashant Malik (Co-creator of Cassandra). cnvrg.io was founded less than 2 years ago, by Yochay Ettun and Leah Kolben, 2 AI experts looking for a solution to make their own process easier and more efficient. Since its inception, the demand for the product has rapidly grown to attract a customer base including Fortune 500 companies.