Abacus.AI, an AI cloud services company raises $50M to accelerate development of AI models
Oct 29, 2021 | Shaoni Ghosh
Abacus.AI, an AI cloud services and artificial intelligence-related research company that generally concentrates on the complexities revolving around machine learning and deep learning that other companies have to face. The company was founded in the year 2019. It is headquartered in San Francisco, California.
The company is equipped with customizable, end-to-end autonomous AI deliverance, such that it assists deep as well as machine learning models for the overlapping AI-based complications.
These cases oscillate between time-series forecasting, prediction and deep learning-related content to meet individual demands, which in turn enables machine learning practitioners and data science groups to untangle data complexities.
(Related Reading: Applications of Data Science in Real Life)
Abacus.AI is funded by eighteen investors, among which Tiger Global Management and Index Ventures are the most recent ones.
The Raise
Abacus.AI, a platform building dev equipment to generate and introduce AI technologies, has raised a funding of $90.3M in total over four funding rounds in just 30 months.
On 27th October, 2021, the platform declared that it has raised $50M in a Series C Round which is assisted by Tiger Global joining hands with Coatue, Alkeon and Index Ventures.
CEO Bindu Reddy states that Abacus.AI will deploy the funding amount in generating the platform's AI technologies, alongside building the company's workforce.
(Must Check: What is the role of technology in business?)
The statistics clearly say that the percentage of enterprises investing more than $50M in AI and big data technologies have already surpassed 64.8 percent in the year 2020. However, about 80 percent of AI projects never saw the light of deployment, and even if they do, it's about 60 percent of the time.
Having amplified the end-to-end AI platform, the funding will allow organizations of all measures to designate, develop, assist and operate machine and deep learning models accordingly.
(Recommended Blog: Applications of Artificial Intelligence (AI) in Business)
Despite enlisting in every category concerned with design and development of models, Abacus.AI has also extended hands towards several overlapping enterprise use-cases.
The Partner at Coatue, David Cahn expressed his excitement and stated Abacus' goal "of being the market leader in this rapidly growing space."
Being a part of the AI platform, Abacus.AI has introduced "vertically integrated workflows", as reported by PRNewsWire, that include predictive analytics, forecasting, natural language processing (NLP) and others.
The funding enabled the company to unveil the recent Computer Vision as a service and now the organizations can employ Abacus.AI for common computer vision in cases that bring in image identification, categorization and compartmentalization.
It is to be noted that Abacus.AI is keeping up with images and languages on its tabular data-use cases, and at the same time, procuring necessary information from all these data-use cases.
Being the only platform that generates predictive analytics, data science teams can now implement the same extracted images, and signals from tabular along with text data.
(Also Check: Top 10 Data Extraction Tools)
Conclusively, Reddy explains how the platform will turn out to be the most revolutionary medium to "extract intelligence from data".
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