Austin-based startup Striveworks has recently announced its first-ever funding round, raising $33 million to advance its machine learning operations (MLOps) tools. With the increased interest in artificial intelligence and data science, organizations are eager to utilize machine learning in their tech stack. Striveworks facilitates this process by providing MLOps tools to help with tasks like building and training models, data cleaning, and ensuring optimal performance.
Centana Growth Partners is the sole investor in this funding round, attracted by Striveworks' 300% annual increase in ARR over the past two years. The funds will be used for hiring and further product and business development. Having been in operation for five years, the capital-efficient startup has consistently turned a profit, reinvesting its earnings for growth.
Co-founder and CEO Jim Rebesco, a neuroscience PhD, previously encountered many of the problems Striveworks aims to address in the AI and machine learning space. He notes that while building appropriate ML models is important, the real challenges come after successful implementation. Ensuring that models perform as expected in production and continue to do so in the long term are key areas for which the company provides solutions.
In addition to offering the Chariot platform, which supports data preparation, model building, and running ML models in production using a low-code format, Striveworks also includes features like model-in-the-loop annotation, custom workflows, data provenance queries, and third-party tool integration. By facilitating better collaboration among teams, Striveworks sets itself apart in the crowded MLOps space, providing a comprehensive solution to organizations across various industries.
Competing with MLOps startups such as Seldon, Galileo, Aries, and Tecton, Striveworks has distinguished itself through its strong operational performance and business execution, a testament to the company's achievements and market potential. The startup's notable clients span several verticals, including government and financial sectors specializing in machine learning. Additionally, Striveworks has partnerships with AWS and Azure, allowing for seamless integration with their cloud services.
As more organizations adopt AI and ML technology, Striveworks aims to simplify the process and ensure models continue to deliver expected results throughout their lifecycle. The company's platform proves particularly beneficial in applications like credit scoring, healthcare, and database querying.
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