Domino Data Lab has raised USD 43 million in a new funding round. It has launched a new machine learning monitoring product as it aims to gain more traction to enhance the operations of the enterprise data science platform.
The funding round was led by Highland Capital Partners, and that raises Domino Data Lab’s total funding to USD 128 million. Moreover, the launch of the new product, Domino Model Monitor aims to reduce model drift and accuracy over time. Model drift has been an issue during the COVID-19 pandemic as economic and behavioral models are fluctuating.
Businesses have embraced a number of analytics and AI tools to mine data for actionable insights, but many of those tools work independently of one another, which can make them ineffective, said Nick Elprin, the company’s CEO.
“It’s uncoordinated,” he told Business Insider. “It’s people bumping into each other. One of the chief analytics officers we work with actually said her data science organization was like a bunch of six-year olds playing soccer.”
Customers of Domino Data Lab include Dell Technologies, Topdanmark, and other Fortune 100 companies.
For Domino Data Lab, it has become a place of real back and forth for managing data science, AI (artificial intelligence), and machine learning operations. The company’s enterprise data science management platform added new features with the launch of this new product:
- Project management tools that will help in tracking data science deliverables, progress goals, and lifecycle.
- Data science can choose the clusters, and Domino will distribute them and, therefore, handle the DevOps issues.
- Domino, as a company, can now use Microsoft Azure Kubernetes service to round the roaster of cloud partners.
Apart from Microsoft Azure, the company also supports Google Cloud Kubernetes, Amazon Elastic Kubernetes Service, and VMware Pivotal Container Service as well as open-source Rancher. The entire Domino stack comprises a security layer, user layer, and an infrastructure layer.
