- Abacus.AI announced it has raised $22 million in Series B funding. These are the details.
Abacus.AI announced it has raised $22 million in Series B funding. Including this round of funding, the company has raised over $40 million since being founded less than two years ago.
This round of funding was led by Coatue with participation by Decibel Ventures and Index Partners. Along with the funding round, the company also revealed Abacus.AI Deconstructed — which is a suite of 3 stand-alone tools that can be used by organizations to bring artificial intelligence models to production.
Coatue general partner Yanda Erlich is also joining Abacus.AI’s board of directors in connection with the funding round. Mike Volpi from Index Ventures and Jon Sakoda from Decibel oversaw the funding round on behalf of their VC firms.
Abacus.AI is known for offering a state-of-art autonomous deep learning service that automates all aspects of machine learning from model creation to deployment and maintenance. And as part of this release, the company is announcing Abacus.AI Deconstructed. Deconstructed is what separates parts of Abacus.AI’s underlying platform and offers them as stand-alone modules.
Abacus.AI was founded by CEO Bindu Reddy, Arvind Sundararajan, and Siddartha Naidu. Prior to co-founding Abacus.AI, Reddy was the General Manager for AI Verticals at Amazon Web Services and she was head of product for Google Apps before she started another company called Post Intelligence — which was acquired by Uber. Sundararajan, CTO of Abacus.AI, was a senior engineering leader in Uber’s autonomous vehicle program (ATG) and at Google where he was the engineering lead for the Gmail backend and AdSense’s matching and serving system. And Naidu, Research Director of Abacus.AI, is the founder of BigQuery — which is the large scale serverless cloud data warehouse service offered by Google’s cloud platform. Abacus.AI is funded by Index Ventures, Eric Schmidt, Ram Shriram, Khosla Ventures, Paul Buchheit, and several others.
KEY QUOTES:
“We are proud to be leading the Series B investment in Abacus.AI. Because we think that Abacus.AI’s unique cloud service now makes state-of-the-art AI easily accessible for organizations of all sizes, including start-ups. Abacus.AI’s end-to-end autonomous AI service, powered by their Neural Architecture Search invention, helps organizations with no ML expertise easily deploy deep learning systems in production.”
— Coatue general partner Yanda Erlich
“We are excited to continue to invest in Abacus.AI and support their mission to democratize AI and make state-of-the-art deep learning systems available in a plug and play fashion to organizations of all sizes.”
— Mike Volpi of Index Ventures
“Every executive can imagine how AI can be used in our business operations, but few have been able to capitalize on its benefits because of the cost and technical resources required. Abacus is working to democratize AI by offering a turnkey solution for the most widely needed use cases, and brings the promise of deep learning into any application without complexity or cost.”
— Jon Sakoda of Decibel
