Boston-based DataRobot has raised another round of funding according to multiple sources. The latest round of funding is a $21 million Series A led by NEA that, according to VentureWire, values the company at more than $60 million. Atlas Venture, who led the company’s last investment, also joined the round.
The company used big data and leverages the cloud to generate predictive models (which have long played a key role in various industries like health care, sales and marketing, and finance), is still in beta, and expects to launch in the fall.
The technology that DataRobot has built includes an ultra-fast predictive model search engine that pulls up only the most relevant model results through what it calls “Modeling Blueprints,” and makes the entire process cost-effective by using the cloud.
According to Atlas Venture partner Chris Lynch, DataRobot can make data scientists a thousand times more productive. “Basically, a model that a data scientist might take six months to build using Python or R, they can do in six hours… with as good, or better accuracy,” he said.
While industries like finance, health care, and insurance have long benefitted (and been able to afford) the work of data scientists, DataRobots technology and affordability is bringing predictive models to new markets like retail, consumer internet, and sports to solve challenging problem. The New York Mets, for example, have used DataRobot to help them determine draft picks.
The company’s founders, Tom DeGodoy and Jeremy Achin had previously worked together at Travelers and moved the company from Connecticut to Boston after receiving funding from Cambridge-based Atlas.
Data Robot had previously raised a little less than $3.5 million in a large round from Atlas and an early seed round from Techstars (DataRobot was part of Techstars “Cloud” program in San Antonio last year).