Today we’re proud to announce that Modelbit has raised $5M of funding!
Over a year ago, Modelbit began with two friends who returned to San Francisco to start our second company together. After a decade spent building, running and eventually selling Periscope Data, we knew that the best times of our lives had been the years we spent pushing the frontier of what's possible with data. We knew we loved data teams, we loved wowing them with new technology, and we loved being wowed by what they’re able to accomplish with it.
In the last year, we’ve had the privilege of growing Modelbit from a prototype shared with a few trusted data scientists, to a platform and a business that serves machine learning models big and small, batch and online, experimental and mission-critical, in production for our customers every single day.
Today we’re announcing that we raised a $4.25M seed round, led by our friend Leo Polovets at Susa Ventures, with participation from Snowflake and others. It comes on the heels of an angel round we raised a little while ago, bringing our total funding at Modelbit to $5M.
We’ve had the privilege of working with Leo and Susa since they launched their first fund ten years ago. It’s been gratifying to watch them grow into a powerhouse of a seed fund. But most importantly, when we finally showed Modelbit to Leo, the first thing he did was use it to deploy a model. We’re suckers for an investor who uses our product!
We’re also excited to bring Snowflake into the round. Snowflake is our closest partner and our most popular destination for deployed models. Our customers call their deployed ML models from Snowflake every day, and it’s been wonderful to get to know their product team building Snowpark, their startup team, their sales team, and most recently their corp dev team. We look forward to deepening this partnership even further, and we’re honored that they invested in Modelbit.
We also took this opportunity to bring on a number of well-known data professionals who have been helping us design and build the product. Folks like Kelley Rivoire, who led ML engineering at Stripe; Hilary Mason, who led the ML group at Cloudera; Barry McCardel, CEO of Hex; Emilie Schario, who led data for Netlify and GitLab; Josh Wills, who’s led data teams at Cloudera and Slack; Colin Zima and Jamie Davidson, founders of Omni and senior execs at Looker; Harold Giménez, who led engineering at HashiCorp and Heroku; and many more.
Our goal with this funding is simple: Every data scientist in the world should be able to deploy their models to production with a single line of code. With these capabilities, we know they will transform the products they work on, the businesses they build, and the world we live in. We can’t wait.
-Tom & Harry