- ModelOps software pioneer ModelOp announced it raised $6 million in Series A funding led by Valley Capital Partners
model — the pioneer of ModelOps software and services for major enterprises — announced it raised $6 million in Series A funding led by Valley Capital Partners with participation from Silicon Valley Data Capital and expands the company’s board with the addition of Steve O’Hara, Managing Partner at Valley Capital Partners.
Plus ModelOp announced it expanded its executive team with three new appointments: Sheau-ming Ross as chief financial officer, Mark LeMonnier as vice president of software engineering, and Linda Maggi as vice president of marketing.
And ModelOp also revealed general availability for ModelOp Center Version 2 — which is its flagship software platform that automates model deployment, monitoring, and governance.
Ever sine ModelOp launched in 2016, it has maintained a singular focus on the challenge of ModelOps — which has been increasingly recognized as a foundational capability necessary for enterprises to operationalize and gain business benefits from AI technology.
The problem with undeployed and ungoverned DS/ML models is that it costs enterprises millions in unrealized value and exposes them to millions more in governance and compliance risks. Plus ModelOps addresses the growing “Model Debt” accumulating in the many companies that have invested heavily in data science and machine learning (DS/ML), but have yet to realize the full value of those investments.
ModelOp’s flagship software platform – known as the ModelOp Center – enables organizations to put their models into production faster with full control and visibility into critical model-based business assets, and with full transparency and audibility. And ModelOp’s customers include five of the top 10 largest financial institutions as well as Fortune 500 manufacturers, insurers, and credit bureaus.
The appointments of Ross, LeMonnier, and Maggi are speaking to the demand of ModelOp’s growing customer base and product innovation drive. And all three individuals have a proven track record of achievements and deep industry expertise. Ross was most recently chief financial officer for the Robert R. McCormick Foundation and prior chief financial officer for three growth-stage technology companies, including Mattersight and EPAY Systems. LeMonnier was vice president of engineering at Ancestry.com. And Maggi was senior director of world wide field and partner marketing with BMC Software.
“As enterprise Model Debt grows quickly, the emphasis is now on getting AI models out of pilot and into production, and this is driving rapid growth in the market for ModelOps. With this latest round of funding, we’re well-positioned to grow and ensure that our platform and delivery capabilities stay well ahead of competitive offerings and can accommodate the evolving regulatory landscape.”
ModelOp CEO Pete Foley
“ModelOp has made a tremendous impact on our business and the way we deliver on client experience and transparency across all areas of capital markets. ModelOp has enabled us to focus on our priority models to deliver maximum value while equipping us with the necessary governance and control capabilities to manage compliance and risk requirements. Exos is all-in as a model-driven enterprise, and ModelOp has proven itself to be the trusted partner we’ll continue to rely upon as we advance our business and data science capabilities.”
-Joe Squeri, CTO/COO at Exos; former CIO of Barclays and managing director of technology at Goldman Sachs
“We’re extremely compelled by the growing recognition among enterprises that they need to invest in ModelOps to realize the value of AI. ModelOp is pioneering a major new category and we’re looking forward to working with the leadership team in the next phase of the company’s growth.”
– Steve O’Hara, Managing Partner at Valley Capital Partners