- Comet announced raking 500% revenue over the past year.
- The company also acquired a UK-based Stakion to bolster the launch of Comet Model Production Monitoring.
MLOps startup called Comet announced today that it raised $13 million in a Series A funding round. This funding round was led by Scale Venture Partners. The capital which the company plans to use for the product, sales, marketing, and engineering growth comes from its latest acquisition. The company has acquired a UK-based Stakion to bolster the launch of Comet Model Production Monitoring (MPM). It is a product that will enable organizations to track and monitor the quality of AI models.
MLOps all machine learning operations encompasses the ways organizations build and deploy the models. Because of the covid-19 pandemic, enterprises have increased their investments in AI to drive digital business transformations. MLOps platforms can generate revenues over $4 million by 2025 according to Deloitte. According to a report from McKinsey, successful implementation of AI can drive about 20% of companies’ earnings.
How Comet helps data scientists and engineers:
Comet works to provide self-hosted and cloud-based MLOps solutions. It enables data scientists and engineers to track, compare and optimize experiments and models. It aims to provide insights and data to create better and accurate AI models. This in turn improves productivity, collaboration, and explainability across teams.
The company supports code tunnels which is an ecosystem of plugins, extensions, and visualizations developed by the community and industry teams. It also provides tools like MPM that offer visibility into model performance throughout a model’s life cycle.
Rival of Comet:
Comet has a rival called Weights and Biases. This rival provides a platform to enable collaboration and governance across teams that build machine learning models. Domino Data Lab is a startup that develops a platform focused on enterprises with large data science teams. It wants to have a slice of the growing MLOps segment.
But Comet has carved out a niche out of an expanding market. It claims to solve thousands of users and multiple Fortune 100 companies. It also announced 500% revenue growth over last year. The latest funding round saw the participation of Trilogy Equity Partners and Two Sigma Ventures. As a result, it brought the New York-based company’s total raised the amount to $19 million.
Statement from Comet’s CEO, Gideon Mendels:
“Comet’s focus is helping enterprises achieve success with machine learning. We’ve seen tremendous success supporting some of the world’s foremost machine learning platform teams at various organizations. These organizations include Uber, Etsy, and Ancestry,” said Gideon Mendels, CEO and co-founder, Comet. “By partnering with Scale Venture Partners for our Series A, we’ll be able to double down on that success. We will deliver best-in-class solutions for machine learning model development and monitoring.”
Machine learning themes always require best-of-breed solutions that can offer a suitable fit and integrate with their platform. Comet claims to be the only solution in the market that supports Code Panels. “ML teams recognize that end-to-end platforms are not a panacea and choose Comet because it integrates seamlessly with their existing ecosystem, allowing them to customize the product to their specific use case,” continued Mendels.
“Machine learning and AI will drive the future of enterprise software, and ensuring that organizations have full visibility and control of a model’s life cycle will be imperative to it,” said Andy Vitus, partner, Scale Venture Partners. “Comet’s ability to drive successful enterprise deployments and scale at the largest companies, as well as its focus in AI and ML, make it an ideal addition to our portfolio.”