Led by Google’s AI Fund, Algorithmia Raises $10.5 Million
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Led by Google’s AI Fund, Algorithmia Raises $10.5 Million

Led by Google’s AI Fund, Algorithmia Raises $10.5 Million

Algorithmia, a tech startup that provides a platform for simplifying the use of machine learning in production, aims to simplify the process in two ways.

First, it provides a marketplace for developers to access AI algorithms that they can simply implement into their apps without having an extensive knowledge of the domain. Second, the company sells the technology that it uses to serve machine learning algorithms at scale to enterprises as a virtual private cloud offering. This service, also known as Codex, helps businesses run complex machine learning models to help power their applications.

On Friday, Algorithmia completed their Series A round led by Google and raised $10.5 million. Anna Patterson, Google’s Vice President of Engineering for AI, will join Algorithmia’s board as part of the deal. This deal adds affirmation to the existence of Google’s rumored Artificial Intelligence Fund. Other companies that participated in the funding round are: Work-Bench, Madrona Venture Group, Rakuten Ventures, and Osage University Partners.

“I think that at the core of it is a validation of what we’ve been doing, and the technical aspect behind it as well. The core of what we do at Algorithmia is — and we’ve done this from the beginning — we’ve tried to help developers build AI-driven applications,” said Diego Oppenheimer, cofounder and CEO of Algorithmia.

“This was just a golden opportunity for us,” he said. “We saw an aggressive growth path on both the marketplace and on the enterprise side of things, where we said ‘hey, we actually need to go expand sales, marketing and engineering to win this.’”

Algorithmia has been growing significantly over the last few years. While Oppenheimer said the company started with just a couple hundred algorithms, its marketplace has grown to serve 45,000 developers with 3,500 intelligent algorithms.

Only time will tell how this investment helps Google in its future projects and developments in the AI industry.

Megha Shah for TechFunnel.com

Megha Shah
Megha Shah
A dreamer, traveler, aspiring entrepreneur and a bookworm beyond repair, Megha Shah is extremely fond of writing and has been doing so since she was a child. Apart from being a part-time writer, Megha is currently in college, pursuing B. Com. (Hons). Megha is an ardent follower of ‘Hardship, Hustle and Heart’ and firmly believes in the power of hard work and destiny!

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