OctoML raises $28Mn to catalyze machine learning model deployment

The company aims at enabling customers to extract full efficiency and value from their hardware investments

Seattle-based OctoML, has recently announced generating funds of USD 28 million in Series B funding round led by Addition, Madrona Venture Group and Amplify Partners. This latest funding is expected to bring the company’s overall valuation to about USD 47 million.

Developed on Apache TVM, OctoML is a machine learning acceleration platform that automatically amplifies model performance while enabling constant deployment. The company’s leading product, Octomizer, allows engineering teams to deploy models in hours on any hardware, edge device, or cloud provider. Besides, OctoML also aims to make machine learning useful, fast, and accessible to almost all organizations, irrespective of the company size, small or large.

CEO and Co-Founder of OctoML, Luis Ceze stated that machine learning is currently emerging as a critical technology across almost every industry. However, getting modes to production still remains slow, labor intensive, and cost-prohibitive.

He added that the company is following its goal of enabling customers to extract full efficiency and value from their hardware investments. Furthermore, by making use of ML to optimize ML, the company is set to reduce the tuning time and optimization by orders of magnitude. Apparently, a 30 times boost in performance translates to 30 times savings in total cost.

On the other hand, Founder of Addition, Lee Fixel, while commenting on supporting the financing round for OctoML, reported that the firm is looking forward to supporting the latter’s continued growth. He mentioned that OctoML boasts of a vision, the technology, and talent which is potential of driving ML transformation across every prominent enterprise.

Mr. Fixel also stated that the company when first met the OctoML team was positive of their upcoming transformation and breakthroughs in the industry.

Source Credit: https://www.prnewswire.com/news-releases/octoml-secures-28m-to-accelerate-ml-model-deployment-301249389.html