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Abacus.ai wants to create an AI platform that simplifies the creation of machine learning models, while leaving room for power users. Today, the company announced a $ 50 million Series C. At the same time, she announced that the platform was expanding to include computer vision use cases.

Tiger Global led the round with participation from Coatue, Index Ventures and Alkeon Capital. With today’s investment, the company claims to have raised over $ 90 million in less than 30 months. The most recent funding before that was the company’s $ 22 million Series A last November.

Abacus co-founder and CEO Bindu Reddy, whose experience includes stints at Google and AWS, says the company is trying to build a comprehensive AI platform. “We have this end-to-end AI / ML platform where the unique thing is that we have these vertically integrated solutions, which are kind of specific to common business AI use cases. So think about things like lowering the churn rate, scoring leads, or personalizing, ”Reddy told me.

She says it allows companies that don’t have a dedicated data science team to build machine learning models using the platform. “With Abacus, you have all the elements and modules of a standard AI platform like SageMaker, but it’s customized for each of those use cases,” she said.

With this approach, you pick a vertical, point to a dataset, and Abacus creates the model for you. This is sometimes known as AutoML. For companies that have data science teams and have already built a model, they can use that model instead of the one provided by Abacus, providing a full experience based on customer requirements.

The approach puts Abacus in competition with major cloud providers and with startups like DataRobot, the Boston AutoML startup that has raised $ 1 billion, but she believes Abacus has been able to simplify the model production process. more than cloud companies, and although she recognizes DataRobot as a competitor, she says her company’s ability to deliver these vertical solutions is a big differentiator.

One such vertical solution is computer vision, and as part of the news today, the company also announced new use cases for computer vision, including detection, classification and image segmentation.

Abacus, which was founded in 2019, currently has 45 employees. With the new capital, the plan is to double that number by the end of the year. As they develop, she says it’s important to add women and build a diverse business, and Abacus offers an internship for high school girls to show them that STEM is an exciting career proposition. , something she says she hopes to grow because the industry needs to attract more girls and women.

“I think one of the things we need to do is to dramatically increase that pool, because one of the issues that we definitely have is women. [going to places] where it’s 80-90% male and saying, “We don’t even want to do that.” Why would I want to work with a group of guys? We must therefore increase this pool. We need that balance. So we try very hard. We are also reaching out to female PhD graduates because we also have a scientific research department, and we want to make sure that we also encourage female AI researchers, ”she said. .

The company’s platform appears to be working in the market with 10,000 users on the platform, who have created over 30,000 models to date. While Reddy doesn’t want to discuss specific paying customer numbers, she shared that companies like 1-800-Flowers, Flex, and Recorded Books use production models built on the Abacus platform.


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