31 October 2019, India:
Data Science firm dotData has raised $23 million in Series A round of funding. The funding round was led by JAFCO. Goldman Sachs and NEC Corporation also participated in the funding round.
The company will use the fresh capital to further accelerate the it’s rapid growth by expanding sales and marketing efforts, and enhancing product development innovation of its full-cycle data science automation platform.
Tomotake Kitazawa, Partner of JAFCO said, “dotData offers the most powerful and broad machine learning automation solution as far as we know. We are impressed with their passion to tackle the big challenge of automating the full-cycle data science process from raw data through feature engineering to machine learning in production, to meet the globally-increasing demand for solutions to help enterprises optimize value from their AI and machine learning initiatives.”
Tomotake Kitazawa added, “dotData is well-positioned to lead this growing AutoML market segment with its innovation. We are excited to partner with dotData as they continue to build a leading company in an exciting category.”
Ryohei Fujimaki, Ph.D., CEO, and founder of dotData, said, “We are pleased with the confidence our investors show in our vision, team, product and ability to execute and expand market share.”
Ryohei Fujimaki, added, “Our company’s rapid growth over the past 18 months signals a significant market demand for our unique data science automation platform. These funds will enable us to accelerate product development and innovation to continue bringing transformational value to our customers.”
Osamu Fujikawa, Senior Vice President of NEC Corporation, said, “We are thrilled about dotData’s significant growth since it spun out from NEC, and delighted that it is accelerating its evolution with Series A funds from JAFCO and Goldman Sachs. dotData has proved with our clients that its platform accelerates enterprise data science 10x faster and delivers key business insights via its proprietary AI-powered feature engineering technology.”
Osamu Fujikawa, added, “NEC and dotData have already provided solutions to more than 30 companies in Japan and will continue to promote growth and accelerate digital transformation for customers with the support of JAFCO and Goldman Sachs. We are excited about our strengthening partnership with dotData and will continue to support its business expansion and vision to empower all enterprises through its data science technology.”
dotData combines AI-powered feature engineering and AutoML to automate the full life-cycle of the data science process, from source data through feature engineering to implementation of machine learning in production.
(Image – dotData)