Abacus.ai snags $50M Series C as it expands into computer vision use cases – TechCrunch

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Abacus.ai desires to construct an AI platform that simplifies machine studying mannequin creation, whereas nonetheless leaving room for energy customers. Today the corporate introduced a $50 million Series C. At the identical time, it introduced that the platform was increasing to incorporate computer vision use cases.

Tiger Global led the spherical with participation from Coatue, Index Ventures and Alkeon Capital. With at this time’s funding, the corporate says that it has raised over $90 million in below 30 months. The most up-to-date funding previous to this was the company’s $22 million Series A final November.

Abacus co-founder and CEO Bindu Reddy, whose background contains stints at Google and AWS, says the corporate is attempting to create a whole AI platform. “We have this end-to-end AI/ML platform where the unique thing is we have these vertically integrated solutions, which are kind of specific to common enterprise AI use cases. So think of things like churn reduction or lead scoring or personalization,” Reddy instructed me.

She says that this permits firms which lack devoted knowledge science workforce to construct machine studying fashions with the assistance of the platform. “With Abacus, you have all the pieces and modules that a standard AI platform like SageMaker has, but it is customized for each of those use cases,” she mentioned.

With this method, you select a vertical, level to an information set, and Abacus builds the mannequin for you. This is usually identified as AutoML. For firms which have knowledge science groups, and have already constructed a mannequin, they will use that mannequin as an alternative of 1 supplied by Abacus, giving a whole expertise relying on the client’s necessities.

The method places Abacus in competitors with the foremost cloud distributors and with startups like DataRobot, the Boston AutoML startup that has raised $1 billion, however she believes that Abacus has been capable of simplify the mannequin manufacturing course of greater than the cloud firms, and whereas she acknowledges that DataRobot is a competitor, however she says her firm’s skill to supply these vertical options is an enormous differentiator.

One of these vertical options is computer vision, and as a part of at this time’s information, the corporate additionally introduced new computer vision use cases together with picture detection, classification and segmentation.

Abacus, which was based in 2019, at present has 45 staff. With the brand new capital, the plan is to double that quantity by yr’s finish. As they construct up, she says it’s essential so as to add girls and construct a various firm, and Abacus has an internship for highschool ladies to point out them that STEM is an thrilling profession proposition, one thing she says that she hopes to broaden as a result of the trade wants to draw extra women and girls.

“I think one of the things we need to do is to increase that pool dramatically because one of the problems we definitely have is women [going to places] where there’s 80-90% men and saying, ‘We don’t even want to do this. Why would I want to work with a bunch of dudes?’ So we have to increase that pool. We need that balance. So we try very hard. We also reach out to women PhDs because we also have a research science department, and we also want to make sure that we are also encouraging women researchers in the AI space,” she mentioned.

The firm’s platform appears to be working out there with 10,000 customers on the platform, who’ve created over 30,000 fashions to-date. While Reddy didn’t wish to focus on particular paying buyer numbers, she did share that firms like 1-800-Flowers, Flex and Recorded Books are utilizing fashions in manufacturing constructed on the Abacus platform.

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Source: techcrunch.com