The U.S.-Israeli data science firm Explorium raised $19 million in private funding to expand its new machine learning platform, Reuters reported on Wednesday (Sept. 11).
A $3.6 million seed round was led by Emerge with the participation of F2 Capital. Zeev Ventures, with the participation of the seed investors, added another $15.5 million.
Utilizing machine learning, Explorium coordinates a company's internal data with external sources to reveal significant data. The company was founded by Israeli tech entrepreneurs Maor Shlomo, Or Tamir, and Omer Har, Globes Israel Business Arena reported.
"We are doing for machine learning data what search engines did for the web," Explorium Co-Founder and CEO Shlomo told the news outlet. "Just as a search engine scours the web and pulls in the most relevant answers for your need, Explorium scours data sources inside and outside your organization to generate the features that drive accurate models."
Fueled by automated data and feature discovery, Explorium will use the funds to scale its platform, which features end-to-end data automation with predictive power.
The platform uses data enrichment, feature engineering, and predictive modeling to automatically discover the most relevant predictive variables from thousands of new data sources.
Explorium works with leading automated machine learning (AutoML) providers for clients who want to continue using their existing stack. It also utilizes optimization methods for the utmost features set, models and parameters.
The subscription-based platform can be installed on-premises or in the cloud and users can change or delete data any time.
Artificial intelligence (AI) and machine learning are impacting and changing how every business operates, as PYMNTS has reported. Virtual mountains of data are accumulated and analyzed via web-enabled and mobile devices, with the speed of that process getting faster and faster (and faster still with new 5G mobile network technology deployments).
Digital technology and big data are even transforming how businesses create marketing and website content. Augmented writing services are the next new wave of AI innovation and data science, with the ability to predict what types of words and sentences work best in a specific context.