Abacus.AI startup raises $50m Series C funding, releases Computer Vision as a Service

Abacus.AI startup raises $50m Series C funding, releases Computer Vision as a Service

Published: 28-10-2021 09:05:00 | By: Pie Kamau | hits: 4552 | Tags:

Abacus.AI startup announced $50 million Series C funding from Tiger Global, Coatue, Index Ventures, and Alkeon. As part of this release, the company also announced support for Computer Vision use-cases. The round was led by Tiger Global with participation from Coatue, Index Ventures, and Alkeon.

This financing round brings the company to a raise of $90.3 million in total funding in 30 months. Abacus.AI will use the funds from this round to further enhance its end-to-end AI platform, which enables organizations of all sizes to design, train, and operationalize machine and deep learning models.

In addition to providing machine learning infrastructure to handle all aspects of design, development, and operationalization of models, Abacus.AI has vertically integrated support for several common enterprise use-cases. Organizations, ranging from small startups to Fortune 500 companies, use Abacus.AI's state-of-the-art platform to accelerate their AI adoption.

David Cahn, Partner, Coatue: "We are excited to back Abacus for their Series C. We think Bindu has assembled an impressive team at the intersection of full-stack ML and deep learning and we are proud to support Abacus's dream of being the market leader in this rapidly growing space."

Josh Shirazi, Principal, Alkeon Capital: "AI has become the center of discussion among Executives, however, its widespread deployment has been hindered by scarcity of talent and resources with the know-how. Abacus.AI is democratizing the use of AI by offering an end-to-end platform with the greatest breadth of domain-specific use cases. With the launch of computer vision use-cases, Abacus.AI is unlocking AI on unstructured data sets, amplifying the value customers already realize by discovering incremental revenue opportunities, saving costs, gaining productivity, and increasing NPS. We're thrilled to collaborate with one of the strongest AI/ML teams, who has built systems at scale across their experiences at Google, Amazon, and Uber."

As part of its AI platform, Abacus.AI has several vertically integrated workflows for common enterprise use-cases, including predictive analytics, personalization, anomaly, forecasting, and language.With this release, organizations can use Abacus.AI for common computer vision use-cases, including image detection, classification, and segmentation. Abacus.AI's intuitive UX, helps organizations easily develop bespoke, deep-learning-based computer vision models applying transfer learning.

In addition, Abacus.AI now supports images and language on all of its tabular data use-cases, synthesizing insights from all forms of data. Abacus.AI is the only AI platform that helps organizations create mixed/hybrid models that generate predictive insights. Data science teams can now incorporate predictive signals from images, in addition to signals from tabular and text data.

The Abacus.AI platform is powered by foundational research, and many of these research findings have been published at top AI and ML conferences. Abacus.AI recently had three papers accepted for publication at Neural Information Processing Systems (NeurIPS) 2021. Two of the accepted papers focus on techniques for automated machine learning (AutoML), and the third accepted paper focuses on explainability in machine learning.

www.abacus.ai