SAN FRANCISCO, June 02, 2021 (GLOBE NEWSWIRE) — Iterative, the MLOps company dedicated to streamlining the workflow of data scientists and Machine Learning (ML) engineers, today announced that it has raised $20 million in A round funding. The round is led by 468 Capital and Florian Leibert, ex-founder of Mesosphere, an infrastructure start-up based on the open-source software Apache Mesos. The round also includes prior investors True Ventures and Afore Capital, bringing total funding to more than $25 million. The company will use the funding for development and growth.
With employees in 14 countries across Europe, Asia, and the US, Iterative is the company behind the development of open source projects Data Version Control (DVC) and Continuous Machine Learning (CML) that extend traditional software tools like Git, CI/CD (collaboration and continuous integration and continuous delivery) to meet the needs of ML researchers, ML engineers, and data scientists.
The company also today introduced its first commercial product, called DVC Studio, a visualized UI (user interface) of DVC and CML that simplifies ML model development and enhances collaboration. Data scientists typically use Git and GitHub or GitLab for collaboration on their source code — DVC Studio extends this collaborative functionality based on data and metrics.
“Data, ML and AI are becoming an essential part of the industry and IT infrastructure,” said Leibert, general partner at 468 Capital. “Companies with great open source adoption and bottom-up market strategy, like Iterative, are going to define the standards for AI tools and processes around building ML models.”
Iterative integrates ML workflows into current practices for software development instead of creating separate AI platforms. With open tools and formats, Iterative is cloud agnostic, providing greater flexibility and removing the need and lock-in for proprietary AI Platforms (such as SageMaker, and ML Studio).
“DVC Studio enables machine learning developers to run hundreds of experiments with full transparency, giving other developers in the organization the ability to collaborate fully in the process,” said Dmitry Petrov, CEO and founder of Iterative. “The funding today will help us bring more innovative products and services into our ecosystem.”
DVC, CML and DVC Studio are available today via GitHub and GitLab. To schedule a demo, visit www.Iterative.ai
About Iterative
Based in San Francisco, Iterative is the company behind the development of DVC and CML, open-source tools to streamline the workflow of data scientists. Iterative integrates ML workflows into current practices for software development instead of creating separate AI platform. For more information visit https://Iterative.
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Joe Eckert, jeckert@eckertcomms.com
Ray George, ray@eckertcomms.com
