Applications os News
July 13, 2022, 09:33 AM EDT
Tecton, one of the hottest companies in the machine learning space, reported rapid growth in the last year and surging demand for its ML feature platform.
Machine learning technology superstar Tecton has raised $100 million in a Series C round of funding as the startup reports surging demand for its machine learning feature platform.
Investors in the round, which brought Tecton’s total financing to $160 million, included cloud data company Snowflake and data lakehouse platform developer Databricks.
Tecton said it will apply the new funding toward expanding its engineering and go-to-market teams and to “further deliver on customer value,” the company said.
“We believe that any company should be able to develop reliable, operational ML applications and easily adopt real-time capabilities no matter the use case at hand or the engineering resources on staff,” said Tecton co-founder and CEO Mike Del Balso, in a statement.
“This new funding will help us further build and strengthen both Tecton’s feature platform for ML and the Feast open-source feature store, enabling organizations of all sizes to build and deploy automated ML into live, customer-facing applications and business processes, quickly and at scale,” Del Balso said.
Tecton develops a fully managed machine learning feature platform that the company says can speed the deployment of machine learning applications from months to minutes. The company’s technology automates the transformation of raw data, generates training data sets and serves up features for online inference at scale.
The company also develops the open-source Feast feature store technology.
Headquartered in San Francisco, Tecton was founded in 2019 by the developers who created Uber’s Michelangelo machine learning platform. The company exited stealth in April 2020.
Rapid ARR Growth
This week Tecton said that its annual recurring revenue nearly tripled from fiscal 2021 to fiscal 2022 and that ARR growth accelerated to more than 180 percent in the latest fiscal quarter ended April 2022. Tecton also said that its customer base increased five-fold during the previous 12 months and the number of active users increasing by a factor of five to more than 800.
The latest funding round was led by new investor Kleiner Perkins with participation from strategic investors Databricks Ventures and Snowflake Ventures. Tecton previously established technology integration and development partnerships with Databricks and Snowflake.
“The investment in Tecton is a natural fit for Databricks Ventures as we look to extend the lakehouse ecosystem with best-in-class solutions and support companies that align with our mission to simplify and democratize data and AI,” said Andrew Ferguson, head of Databricks Ventures, in a statement.
“Together, Tecton and Snowflake enable data teams to securely and reliably store, process and manage the complete lifecycle of ML features for production in Snowflake, making it easier for users across data science, engineering and analyst teams to collaborate and work from a single source of data truth,” said Stefan Williams, Snowflake vice president of corporate development and Snowflake Ventures, in the statement. “This investment expands our partnership and is the latest example of Snowflake’s commitment to helping our customers effortlessly get the most value from their data.”
Also participating in the funding round were previous investors Andreessen Horowitz and Sequoia Capital and new investors Bain Capital and Tiger Global.