NEW YORK — Comet, a developer of Machine Learning Operations (MLOps) solutions, has raised $13 million in Series A funding led by Scale Venture Partners and existing investors including Trilogy Equity Partners and Two Sigma Ventures.
Comet provides a self-hosted and cloud-based MLOps solution that enables data scientists and teams to track, compare, explain and optimize experiments and models.
Comet says it experienced more than 500% revenue growth over the past year. The new funds will be used to expand Comet’s product development, sales, marketing, and engineering functions. In addition to the funding, Comet announced the acquisition of Stakion, a model production monitoring company based in the U.K. The acquisition supports Comet’s newest product innovation, Comet Model Production Monitoring, which will enable organizations to track and monitor the quality of models after they have been deployed in production.
“Comet’s focus is helping enterprises achieve success with machine learning, and we’ve seen tremendous success supporting some of the world’s foremost machine learning platform teams at organizations like Uber, Etsy, and Ancestry,” said Gideon Mendels, CEO and co-founder, Comet. “By partnering with Scale Venture Partners for our Series A, we’ll be able to double down on that success and deliver best-in-class solutions for machine learning model development and monitoring.”
Machine Learning teams across the industry recognize the need for best-of-breeds solutions that can fit and integrate into their overall platform. Comet is the only solution in the market that supports “Code Panels,” an ecosystem of plugins, extensions and visualizations built by the community and industry teams. “ML teams recognize that end-to-end platforms are not a panacea and choose Comet because it integrates seamlessly with their existing ecosystem, allowing them to customize the product to their specific use case,” continued Mendels.
“Machine learning and AI will drive the future of enterprise software, and ensuring that organizations have full visibility and control of a model’s lifecycle will be imperative to it,” said Andy Vitus, partner, Scale Venture Partners. “Comet’s ability to drive successful enterprise deployments and scale at the largest companies, as well as its focus in AI and ML, make it an ideal addition to our portfolio.”
Including this round, Comet’s total funding is $19.3 million from Two Sigma Ventures, Trilogy Investments, Amazon Alexa Fund, and Scale Venture Partners. Andy Vitus of Scale Venture Partners will be joining Comet’s Board of Directors.
