Artificial intelligence startup Immuta raises $20 million Series B to accelerate adoption of data management for AI
Immuta, the world’s first data management platform for data science, has raised $20 million in Series B funding to accelerate global customer growth and extend product leadership for Immuta’s data management platform for artificial intelligence (AI). The latest funding is led by DFJ Growth, with participation from new investors, Dell Technologies Capital and Citi Ventures, and existing investors, Drive Capital and Greycroft.
This latest investment comes on the heels of tremendous momentum for the company. Immuta grew more than 260 percent YoY in customer revenue in 2017, adding new Global 1000 customers across government, insurance, financial services, and healthcare verticals. The company recently launched its Global Partner Program to capitalize on the ongoing shift within global enterprises from legacy application-centric tools to AI-powered decision-making.
Founded in 2014 by Matthew Carroll, Michael Schiller, Sapan Shah and Steven Touw, the College Park, Maryland-based Immuta is an early-stage startup. Immuta currently has 34 full-time employees. In addition to its College Park office, the company has a customer service team in Columbus, Ohio, and is building a Boston office.
Immuta is the only company to enable data scientists, data owners and governance teams to work together in a single digital platform to access data faster, and in a legal and ethical manner, lowering business risk and bridging the gap between the law and AI. Immuta is the fastest way for algorithm-driven enterprises to accelerate the development and control of machine learning and advanced analytics. The company’s data management platform provides data scientists with rapid, personalized access to data for dramatically improving the creation, deployment and auditability of machine learning and AI.
According to Gartner, by 2020, most data and analytics use cases will require connecting to distributed data sources, leading enterprises to double their investments in data access, policy enforcement and metadata management. Unfortunately, the traditional methods for operationalizing data requires complex data engineering, manual policy enforcement, and labor-intensive reporting, which slows down data science teams and hampers innovation.
“The law cannot keep pace with technology. As analytics and AI advances faster than any other technology category, the gap between regulation and analytics also increases. Unfortunately, enterprises rely on legacy, application-centric approaches to close this gap, adding complexity and slowing down their data science teams, while wasting millions in capital,” said Matthew Carroll, co-founder and CEO, Immuta. “Immuta has been steadfast in helping enterprises accelerate their AI programs through highly automated data management and dynamic policy controls, resulting in algorithms that are auditable and compliant. This investment validates our success in achieving these goals for our customers and partners.”
Organizations are scrambling to meet GDPR requirements and issues related to data governance and data compliance are becoming more important and complex. The future of any organization using predictive AI models depends on its ability to fully understand and manage the data feeding its algorithms in real-time, while maintaining compliance.
“We’ve witnessed the explosion of digital data fueling a proliferation of data science and AI initiatives around the world with the goal of improving customer experience, generating revenue or increasing operational efficiencies. Simultaneously, there has been a growing awareness about the importance of data governance and data privacy,” said Mark Bailey, co-founder and Partner at DFJ Growth. “Immuta’s compliance and governance solutions enable data science initiatives to proceed at high speed, while ensuring appropriate data governance and regulatory compliance. We’re thrilled to be partnering with the Immuta team on this next and very exciting phase of their growth.”
“Immuta is uniquely positioned to provide leading enterprises with a platform to quickly operationalize their data for increased access, control and visibility to drive their machine learning and AI programs,” said Daniel Docter, Managing Director at Dell Technologies Capital. “This latest financing is a testament to Immuta’s leadership and their maniacal focus on supporting their enterprise clients.”