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Boston-based DataRobot raises $206M Series E to bring AI to enterprise
Artificial intelligence is playing an increasingly large role in enterprise software, and Boston’s DataRobot has been helping companies build, manage and deploy machine learning models for some time now. Today, the company announced a $206 million Series E investment led by Sapphire Ventures.
Other participants in this round included new investors Tiger Global Management, World Innovation Lab, Alliance Bernstein PCI and EDBI, along with existing investors DFJ Growth, Geodesic Capital, Intel Capital, Sands Capital, NEA and Meritech.
Today’s investment brings the total raised to $431 million, according to the company. It has a pre-money valuation of $1 billion, according to PitchBook. DataRobot would not confirm this number.
The company has been catching the attention of these investors by offering a machine learning platform aimed at analysts, developers and data scientists to help build predictive models much more quickly than it typically takes using traditional methodologies. Once built, the company provides a way to deliver the model in the form of an API, simplifying deployment.
The late-stage startup plans to use the money to continue building out its product line, while looking for acquisition opportunities where it makes sense. The company also announced the availability of a new product today, DataRobot MLOps, a tool to manage, monitor and deploy machine learning models across a large organization.
The company, which was founded in 2012, claims it has had triple-digit recurring revenue growth dating back to 2015, as well as one billion models built on the platform to date. Customers contributing to that number include a broad range of companies, such as Humana, United Airlines, Harvard Business School and Deloitte.
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IEX’s Katsuyama is no flash in the pan
When you watch a commercial for one of the major stock exchanges, you are welcomed into a world of fast-moving, slick images full of glistening buildings, lush crops and happy people. They are typically interspersed with shots of intrepid executives veering out over the horizon as if to say, “I’ve got a long-term vision, and the exchange where my stock is listed is a valuable partner in achieving my goals.” It’s all very reassuring and stylish. But there’s another side to the story.
I have been educated about the realities of today’s stock exchange universe through recent visits with Brad Katsuyama, co-founder and CEO of IEX (a.k.a. The Investors Exchange). If Katsuyama’s name rings a bell, and you don’t work on Wall Street, it’s likely because you remember him as the protagonist of Michael Lewis’s 2014 best-seller, Flash Boys: A Wall Street Revolt, which explored high-frequency trading (HFT) and made the case that the stock market was rigged, really badly.
Five years later, some of the worst practices Lewis highlighted are things of the past, and there are several attributes of the American equity markets that are widely admired around the world. In many ways, though, the realities of stock trading have gotten more unseemly, thanks to sophisticated trading technologies (e.g., microwave radio transmissions that can carry information at almost the speed of light), and pitched battles among the exchanges, investors and regulators over issues including the rebates stock exchanges pay to attract investors’ orders and the price of market data charged by the exchanges.
I don’t claim to be an expert on the inner workings of the stock market, but I do know this: Likening the life cycle of a trade to sausage-making is an insult to kielbasa. More than ever, trading is an arcane, highly technical and bewildering part of our broader economic infrastructure, which is just the way many industry participants like it: Nothing to see here, folks.
Meanwhile, Katsuyama, company president Ronan Ryan and the IEX team have turned IEX into the eighth largest stock exchange company, globally, by notional value traded, and have transformed the concept of a “speed bump” into a mainstream exchange feature.
Brad Katsuyama. Image by Joshua Blackburn via IEX Trading
Despite these and other accomplishments, IEX finds itself in the middle of a vicious battle with powerful incumbents that seem increasingly emboldened to use their muscle in Washington, D.C. What’s more, new entrants, such as The Long-Term Stock Exchange and Members Exchange, are gearing up to enter the fray in US equities, while global exchanges such as the Hong Kong Stock Exchange seek to bulk up by making audacious moves like attempting to acquire the venerable London Stock Exchange.
But when you sell such distinct advantages to one group that really can only benefit from that, it leads to the question of why anyone would want to trade on that market. It’s like walking into a playing field where you know that the deck is stacked against you.
As my discussion with Katsuyama reveals, IEX may have taken some punches in carving out a position for itself in this high-stakes war characterized by cutting-edge technology and size. However, the IEX team remains girded for battle and confident that it can continue to make headway in offering a fair and transparent option for market participants over the long term.
Gregg Schoenberg: Given Flash Boys and the attention it generated for you on Main Street, I’d like to establish something upfront. Does IEX exist for the asset manager, the individual, or both?
Brad Katsuyama: We exist primarily for the asset manager, and helping them helps the individual. We’re one step removed from the individual, and part of that is due to regulation. Only brokers can connect to exchanges, and the asset manager connects to the broker.
Schoenberg: To put a finer point on it, you believe in fairness and being the good guy. But you are not Robinhood. You are a capitalist.
Katsuyama: Yes, but we want to make money fairly. Actually, we thought initially about starting the business as a nonprofit, But once we laid out all the people we would need to convince to work for us, we realized it would’ve been hard for us to attract the skill sets needed as a nonprofit.
Schoenberg: Do you believe that the US equity market today primarily serves investors or traders?
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GitLab hauls in $268M Series E on 2.75B valuation
GitLab is a company that doesn’t pull any punches or try to be coy. It actually has had a page on its website for some time stating it intends to go public on November 18, 2020. You don’t see that level of transparency from late-stage startups all that often. Today, the company announced a huge $268 million Series E on a tidy $2.75 billion valuation.
Investors include Adage Capital Management, Alkeon Capital, Altimeter Capital, Capital Group, Coatue Management, D1 Capital Partners, Franklin Templeton, Light Street Capital, Tiger Management Corp. and Two Sigma Investments.
The company seems to be primed and ready for that eventual IPO. Last year, GitLab co-founder and CEO Sid Sijbrandij said that his CFO Paul Machle told him he wanted to begin planning to go public, and he would need two years in advance to prepare the company. As Sijbrandij tells it, he told him to pick a date.
“He said, I’ll pick the 16th of November because that’s the birthday of my twins. It’s also the last week before Thanksgiving, and after Thanksgiving, the stock market is less active, so that’s a good time to go out,” Sijbrandij told TechCrunch.
He said that he considered it a done deal and put the date on the GitLab Strategy page, a page that outlines the company’s plans for everything it intends to do. It turned out that he was a bit too quick on the draw. Machle had checked the date in the interim and realized that it was a Monday, which is not traditionally a great day to go out, so they decided to do it two days later. Now the target date is officially November 18, 2020.
GitLab has the date it’s planning to go public listed on its Strategy page.
As for that $268 million, it gives the company considerable runway ahead of that planned event, but Sijbrandij says it also gives him flexibility in how to take the company public. “One other consideration is that there are two options to go public. You can do an IPO or direct listing. We wanted to preserve the optionality of doing a direct listing next year. So if we do a direct listing, we’re not going to raise any additional money, and we wanted to make sure that this is enough in that case,” he explained.
Sijbrandij says that the company made a deliberate decision to be transparent early on. Being based on an open-source project, it’s sometimes tricky to make that transition to a commercial company, and sometimes that has a negative impact on the community and the number of contributions. Transparency was a way to combat that, and it seems to be working.
He reports that the community contributes 200 improvements to the GitLab open-source product every month, and that’s double the amount of just a year ago, so the community is still highly active in spite of the parent company’s commercial success.
It did not escape his notice that Microsoft acquired GitHub last year for $7.5 billion. It’s worth noting that GitLab is a similar kind of company that helps developers manage and distribute code in a DevOps environment. He claims in spite of that eye-popping number, his goal is to remain an independent company and take this through to the next phase.
“Our ambition is to stay an independent company. And that’s why we put out the ambition early to become a listed company. That’s not totally in our control as the majority of the company is owned by investors, but as long as we’re more positive about the future than the people around us, I think we can we have a shot at not getting acquired,” he said.
The company was founded in 2014 and was a member of Y Combinator in 2015. It has been on a steady growth trajectory ever since, hauling in more than $426 million. The last round before today’s announcement was a $100 million Series D last September.
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Data storage company Cloudian launches a new edge analytics subsidiary called Edgematrix
Cloudian, a company that enables businesses to store and manage massive amounts of data, announced today the launch of Edgematrix, a new unit focused on edge analytics for large data sets. Edgematrix, a majority-owned subsidiary of Cloudian, will first be available in Japan, where both companies are based. It has raised a $9 million Series A from strategic investors NTT Docomo, Shimizu Corporation and Japan Post Capital, as well as Cloudian co-founder and CEO Michael Tso and board director Jonathan Epstein. The funding will be used on product development, deployment and sales and marketing.
Cloudian itself has raised a total of $174 million, including a $94 million Series E round announced last year. Its products include the Hyperstore platform, which allows businesses to store hundreds of petrabytes of data on premise, and software for data analytics and machine learning. Edgematrix uses Hyperstore for storing large-scale data sets and its own AI software and hardware for data processing at the “edge” of networks, closer to where data is collected from IoT devices like sensors.
The company’s solutions were created for situations where real-time analytics is necessary. For example, it can be used to detect the make, model and year of cars on highways so targeted billboard ads can be displayed to their drivers.
Tso told TechCrunch in an email that Edgematrix was launched after Cloudian co-founder and president Hiroshi Ohta and a team spent two years working on technology to help Cloudian customers process and analyze their data more efficiently.
“With more and more data being created at the edge, including IoT data, there’s a growing need for being able to apply real-time data analysis and decision-making at or near the edge, minimizing the transmission costs and latencies involved in moving the data elsewhere,” said Tso. “Based on the initial success of a small Cloudian team developing AI software solutions and attracting a number of top-tier customers, we decided that the best way to build on this success was establishing a subsidiary with strategic investors.”
Edgematrix is launching in Japan first because spending on AI systems there is expected to grow faster than in any other market, at a compound annual growth rate of 45.3% from 2018 to 2023, according to IDC.
“Japan has been ahead of the curve as an early adopter of AI technology, with both the governmetn and private sector viewing it as essential to boosting productivity,” said Tso. “Edgematrix will focus on the Japanese market for at least the next year, and assuming that all goes well, it would then expand to North America and Europe.”
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The We Company reportedly will put its public offering on hold
The We Company, parent company of the short-term real estate property management and development company WeWork and other We-related subsidiaries, is reportedly shelving its plans for an initial public offering.
The company’s plans for a public offering have been hampered by questions about its corporate governance and the ultimate value of a company that private investors once thought was worth nearly $50 billion.
Public investors were balking at that sky-high valuation and the company’s questionable governance practices under chief executive officer and co-founder, Adam Neumann, according to The Wall Street Journal, which first reported the news that The We Company would put its offering on hold.
Over the past few weeks, The We Company has made several moves to allay investors’ concerns. The company unwound some particularly egregious transactions with Neumann and added new directors. It also moved to limit Neumann’s power at the company.
Last week, the company amended its prospectus to include the appointment of an independent lead director. It also slashed the strength of Class B and Class C shares so Neumann would not have 20 times the voting power of other shareholders, and removed Neumann’s wife from succession planning at the company.
Even these steps were not enough to comfort Wall Street investors, apparently. Not even the attempts to slash the company’s valuation to below $10 billion could attract enough investor interest to the public offering. And the opacity of The We Company’s reporting and metrics likely did nothing to help matters in the eyes of the investing public.
Now that The We Company is likely to pull its public offering… and with Uber and Lyft underperforming in their first year as public companies, perhaps venture capital firms will rethink the sky-high valuations they’d placed on their portfolio companies. Perhaps it’s time to relearn the lesson that greed may not actually be good.
We have reached out to The We Company for comment and will update with their response.
This story is developing.
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What startup CSOs can learn from three enterprise security experts
How do you keep your startup secure?
That’s the big question we explored at TC Sessions: Enterprise earlier this month. No matter the size, every startup is an enterprise. Every startup will grow in size as it builds out. But as a company expands, that rapid growth can lead to a distraction from the foundational principle of any modern company — keeping it secure.
Security isn’t just a buzzword. As some of the largest companies in Silicon Valley have shown, security can be difficult. From storing passwords in plaintext to data breaches galore, how can startups learn from some of the biggest security lapses in the tech industry’s history?
Our panel consisted of three of the brightest minds in enterprise security: Wendy Nather, head of advisory CISOs at Duo Security, is an enterprise security expert; Martin Casado, general partner at Andreessen Horowitz, is a security and enterprise startup investor; and Emily Heath, United’s chief information security officer, oversees the security operations of the largest U.S. airlines.
This is what advice they had.
Security from the very start
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$100M Grant for the Web fund aims to jump-start a new way to pay online
Getting paid for providing content online isn’t simple, and as the ad-based economy continues to collapse, pretty much everyone is looking for alternatives. One problem: While the web is great at moving images and audio and files around, it has a real problem with money. Coil, Mozilla and Creative Commons hope to change that with a native web payments standard and $100 million to get it off the ground.
“Web monetization” is the name of the game here, not just generally but also the specific new web protocol being proposed. It’s meant to be an open, interoperable standard that will let anyone send money to anyone else on the web.
That doesn’t mean it sprang fully formed out of nowhere, though. It’s based on a protocol called Interledger pursued by former Ripple CTO Stefan Thomas in his new company Coil.
“We were basically applying the concept of internet protocol to payments — routing little packets of money,” Thomas told TechCrunch, though he was quick to add that it’s not blockchain-powered. Those systems, he said, are useful in their place, but end up bogged down in upkeep and administration. And services like Flattr are great, he said, but limited by the fact that they’re essentially run by a single company.
Interledger, he explained, is a protocol for securely and universally connecting existing payment systems in a totally agnostic way. “It supports any underlying payment structure, bitcoin or a bank ledger or whatever, and any connection you use, satellite or Wi-Fi, it doesn’t care. We were working on it for a long time, since like 2015, and last year were like, well, how do we get this out into the real world?”
The answer was a new company, for one thing, but also partnering with open web advocates at Mozilla and Creative Commons on Grant for the Web, a $100 million fund to disburse with their input. Both have a seat at the table in selecting grant recipients, and the latter is a recipient itself.
“This is an opportunity for CC to experiment with optional micropayments in CC Search,” said Creative Commons interim CEO Cable Green. “If users want to provide micropayments to authors of openly licensed images, to show gratitude, we’re interested in exploring these options with our global community.”
“An open-source micropayment protocol and ecosystem could be good for creators and users,” he continued. “Building a web that doesn’t rely on data acquisition and advertising is a good thing.”
The $100 million fund is all Coil money, which makes sense, as Coil was founded to promote and develop the Interledger and Web Monetization protocols. Huge funding pushes don’t seem like the ordinary way to establish new web standards, but Thomas explained that payments are a unique case.
“The underlying business model for the web is kind of broken,” he said. And that’s partly by design: Enormous companies with vested interests in existing payment and monetization structures are always working to maintain the status quo or shift it in a favorable direction — companies like Google that rely on advertising, or Visa and others that power traditional payment methods.
“From our perspective, what the standard is ultimately competing with is proprietary platforms with billions in funding,” Thomas said.
The $100 million fund will be spread out over five years or so, and will be awarded both to companies and people that use or plan to use the Web Monetization standard in an interesting way, and to content creators who are poorly served by existing monetization methods.
Long-tail content that’s nevertheless important, like investigative journalism or documentaries from and by marginalized communities, is one of the targets for the fund. Grants could come in the form of direct funding, or matching subscribers’ contributions. There’s no quid pro quo, Thomas said, except for a hard minimum of half the content being released under an open license like Creative Commons — which that organization is likely excited about.
Right now a subscription-based browser extension that allows easy payments to sites that have implemented the standard is the only way to get in the door. Admittedly that’s not a very sexy onboarding experience. But part of the fund is intended to juice the development and adoption of the standard much more widely.
It’s a way — though an expensive one, sure — to show that an alternative model exists to the traditional ad-based or subscription-based methods of supporting content.
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SmartNews’ latest news discovery feature shows articles from across the political spectrum
Even before the 2016 election, political polarization was increasing, with Americans so entrenched in the news sources they rely on that the Pew Research Center said “liberals and conservatives inhabit different worlds.” Now SmartNews, the news aggregation app that recently hit unicorn funding status, wants to give users a way to step out of their bubbles with a feature called News From All Sides.
News From All Sides is an option located under the politics tab in SmartNews’ app. A slider at the bottom allows users to see articles about a specific news event sorted into five groups, ranging from most liberal to most conservative. Now available for new users in the United States, the feature will gradually roll out as the company fine-tunes it.
News From All Sides was created for readers who want to see other points of view, but might be overwhelmed by an online search, says Jeannie Yang, SmartNews’ senior vice president of product. It also aims to provide more transparency about news algorithms, which have been blamed for exacerbating political polarization.
Before developing the feature, the SmartNews team conducted research and focus groups in places including Minneapolis and cities in North Carolina to understand how people across the country consume political news online.
“We found that across the board, the last [presidential] election was not just a wake-up call about what news reporting is, but users also expressed that they are much, much more aware of algorithms running underneath what they see. They might not know how it works, but they know there is something else going on,” Yang says.
The political leanings of publications that appear in News From All Sides were categorized by SmartNews’ content team, which includes journalists who previously worked at The Wall Street Journal, Bloomberg, Fox News and other major news outlets. An AI-based algorithm decides which headlines appear in each category. As the feature goes through new iterations, Yang says SmartNews will make changes based on reader feedback. For example, future versions might look at the positions taken in specific articles and include more than five categories on the slider.
News From All Sides is an eye-opener along the lines of “Blue Feed, Red Feed,” an interactive feature (now archived) by The Wall Street Journal that demonstrated how much someone’s political leanings can influence what Facebook’s algorithms display on their News Feed.
Of course, there are many people who are content to be ensconced in their own news bubbles and may not be interested in News From All Sides, even with the upcoming presidential election. Features like it won’t fix political polarization, but for people who are curious about different points of view, even ones they strongly disagree with, News From All Sides gives them a simple way to explore more coverage.
“We definitely discussed that,” says Yang. “The feature is not initially targeted to everyone. It targets people who are more political news junkies, who are checking their phones for news multiple times a day and will actively seek out other sources, so they might go on Google News and go down a rabbit hole.”
“As more readers consider how they are going to vote, it will also help them with perspectives,” Yang adds. “It’s not something that will appeal to everyone broadly, but we hope that we will adjust a pain point for this core group and then iterate it to something more universal.”
SmartNews was founded in Japan, but the slider is currently only on its app for the U.S. because political polarization is a major issue there. Yang says the feature is one part of SmartNews’ goal to improve discovery in all news topics.
“Our mission is to break people out of filter bubbles and personalize discovery with the idea that recommendation algorithms can expand interests, instead of narrowing your interests,” she says. “We’re thinking of how to create more transparency and also expose readers to something they might not usually see, but present it in a fun way, like a serendipitous discovery.”
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Trigo raises $22M for an automated grocery check-out platform, similar to Amazon Go
Automated check-out systems in supermarkets, where cashiers are replaced by barcode-readers and touchscreen interfaces for taking payments, have become a commonplace fixture in many parts of the world. But today, a startup that’s building what many believe will be the next generation of such systems — computer-vision-powered platforms that monitor what you take from the shelves and automatically tally it up as you are on the move so that you can leave without checking out — has raised funding to continue developing its product and help it connect with grocery retailers that have seen the advances of Amazon Go and also want to get in on the AI action without getting involved with Amazon itself.
Trigo, a computer vision startup out of Tel Aviv that is building check-out-free grocery purchasing systems specifically targeted at large supermarkets, has picked up a Series A round of $22 million. The funding is being led by Red Dot Capital, with previous Vertex Ventures Israel and Hetz Ventures also participating. This round brings the total raised by Trigo to $29 million.
The company is not disclosing its valuation, but says that it has a number of deals in place already with grocery chains, including an unspecified European chain and Shufersal, the largest grocer in Israel.
Shufersal already has plans to implement Trigo’s solution in 280 stores in the next five years, which speaks to the company’s ambitions and traction to date, even at this early stage in its development: The company says that it’s already piloting its camera and sensor technology in stores that are 5,000 square feet, or twice the size of a typical Amazon Go store. It’s, however, still fairly small compared to the size of a large supermarket (35,000-45,000 square feet) or even smaller challenger markets like a Trader Joe’s or a Lidl (20,000 square feet).
As with Amazon Go, Trigo works by implementing a series of cameras throughout a store to monitor shoppers and record what they are placing into their baskets. This is not just about being able to identify items: it’s also a triangulation system to ensure that people are not charged twice for items, and that items are removed from the total if they are discarded before a person leaves the store.
And it’s not just to speed things up, either. It’s to make shopping great again.
“I don’t actually think people really want grocery e-commerce,” Ran Peled, VP of marketing, said. “They do that because the supermarket experience has become worse with the years. We are very much committed to helping brick and mortar stores return to the time of a few decades ago, when it was fun to go to the supermarket. What would happen if a store could have an entirely new OS that is based on computer vision?”
Unlike Amazon Go, Trigo is not tied to any specific company that might potentially compete with the retailers that it is targeting, and the product can be implemented to work with loyalty cards, or without them.
However, given that Amazon has built one of the world’s most valuable companies by being both a simultaneous competitor and partner to businesses, I’m not sure that its competitor status will be a gating factor to the growth of Amazon Go, if it decides to productise it and sell the technology to other retailers… and neither does Trigo.
“The technology behind Amazon Go existed in the industry for about a decade before Amazon Go,” Peled said (Trigo was founded in 2018 by brothers Michael and Daniel Gabay). “But after it launched, it was a moment of realising, ‘Ah, this is really happening!’ ” Meaning, he knew now would be a fruitful period because other grocery retailers would want to get on board, and even if Amazon did roll Go out as its own service, and a service used by other retailers, there will be others who will never work with it, presenting a market opportunity to his startup.
If the endgame is bringing the time spent in the check-out phase down to zero, there are other startups working on alternative ways to reach that. Just last week, Caper raised a round of funding for a system that is based on “smart” trolleys, with sensors attached to grocery carts to take note of items and add them to your shopping bill. While the shopping cart might have the advantage of being able to more closely monitor an individual’s own shopping cart, store-wide systems like Trigo’s will potentially cost less to operate and the software might even be something that can be used on existing in-store cameras.
Interestingly, at a time when patents form one of the key ways that a company defends its intellectual property, Trigo is taking another approach. “We don’t file patents because we don’t want our technology to be public,” said Peled. “We have things that we don’t want anyone to see.” It’s an ironic, if perhaps telling, stance for a computer vision company.
In the rush to build tech solutions to all the world’s problems (and if not problems, at least all the world’s processes), there are bound to be others building further technology to bring grocery stores into the twenty-first century. Trigo presents one route to getting there, making it as much a coveted company for grocery businesses as it is for the companies that provide other services to them.
“We believe that Trigo’s world-leading computer-vision team will be the first to scale this technology globally and unlock the full potential of a true grocery-wide revolution,” said Barak Salomon, managing partner of Red Dot Capital. “The process of manually scanning barcodes for each separate item at check out is outdated and time-consuming. Trigo’s technology is going to save brick and mortar, revitalizing the in-store experience while keeping the best part of shopping alive.”
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FOSSA scores $8.5 million Series A to help enterprise manage open-source licenses
As more enterprise developers make use of open source, it becomes increasingly important for companies to make sure that they are complying with licensing requirements. They also need to ensure the open-source bits are being updated over time for security purposes. That’s where FOSSA comes in, and today the company announced an $8.5 million Series A.
The round was led by Bain Capital Ventures, with help from Costanoa Ventures and Norwest Venture Partners. Today’s round brings the total raised to $11 million, according to the company.
Company founder and CEO Kevin Wang says that over the last 18 months, the startup has concentrated on building tools to help enterprises comply with their growing use of open source in a safe and legal way. He says that overall this increasing use of open source is great news for developers, and for these bigger companies in general. While it enables them to take advantage of all the innovation going on in the open-source community, they need to make sure they are in compliance.
“The enterprise is really early on this journey, and that’s where we come in. We provide a platform to help the enterprise manage open-source usage at scale,” Wang explained. That involves three main pieces. First it tracks all of the open-source and third-party code being used inside a company. Next, it enforces licensing and security policy, and, finally, it has a reporting component. “We automate the mass reporting and compliance for all of the housekeeping that comes from using open source at scale,” he said.
The enterprise focus is relatively new for the company. It originally launched in 2017 as a tool for developers to track individual use of open source inside their programs. Wang saw a huge opportunity inside the enterprise to apply this same kind of capability inside larger organizations, which were hungry for tools to help them comply with the myriad open-source licenses out there.
“We found that there was no tooling out there that can manage the scale and breadth across all the different enterprise use cases and all the really complex mission-critical code bases,” he said. What’s more, he found that where there were existing tools, they were vastly underutilized or didn’t provide broad enough coverage.
The company announced a $2.2 million seed round in 2017, and since then has grown from 10 to 40 employees. With today’s funding, that should increase as the company is expanding quickly. Wang reports that the startup has been tripling its revenue numbers and customer accounts year over year. The new money should help accelerate that growth and expand the product and markets it can sell into.
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