cnvrg.io, the Israeli data science platform bringing auto-adaptive machine learning to enterprise, has closed both seed and Series A rounds, totaling $8 million of funding in the last year. The seed round was led by Jerusalem Venture Partners (JVP), the Series A by Hanaco VC.
The investments allow the Jerusalem-based startup to open a new office in New York City and double-down on research and development, both of which support the “overwhelming demand” for the product.
cnvrg.io, founded by Leah Kolben and Yochay Ettun, has created an end-to-end platform that helps global enterprises adopt machine learning. Many enterprises, stuck in conventional business practices, lack the resources, knowledge and skill sets to rapidly develop and deploy advanced AI technologies.
CEO and co-founder Yochay Ettun explained: “As data scientists and AI consultants ourselves, we understand the frustration data scientists, data engineers, and organizations encounter when building machine learning. That is why we started cnvrg.io, to help make the process faster and more efficient, so data scientists and developers can focus on the real magic: algorithms.”
Led by data scientists, the cnvrg.io platform is built to manage, unify and accelerate the full machine learning lifecycle, from vision and development, team collaboration and testing, all the way to production, deployment, monitoring and refinement. It has everything a data scientist needs to find and deliver high-impact results.
“We had been looking to make an investment into a company that democratizes AI and machine learning for quite some time,” says Pasha Romanovski, Hanaco Ventures co-founding partner. “What really impressed us is how quickly Leah and Yochay built a product to address this market need, recruited an impressive team and onboarded a great group of customers. In a few years, most companies will have a data science team and cnvrg.io is poised to be their platform of choice.”
Yoav Tzruya, general partner of JVP, added: “Adoption of data science as a competitive edge is a must for today’s data-driven businesses. Companies are frantically seeking solutions, enabling them to rapidly streamline data science processes, automating all aspects, from model development to production, while further addressing the shortage of data scientists. We believe cnvrg.io is the only tool in the market that offers enterprise complete lifecycle management, supporting a wide variety of AI use cases and models, which has the potential to allow organizations to achieve that goal.”