Abacus.ai's total funding now stands at $90.3M. Here are the top-line bullets you need to know.
Abacus.ai, an artificial intelligence (AI) platform that simplifies machine learning model creation, has raised $50M in a Series C. The round drew participation from Tiger Global Management, Index Ventures, Coatue Management, and Alkeon Capital Management.
How’s the company performing?
- San Francisco-based Abacus.Ai’s end-to-end AI platform helps organizations design, train, and operationalize machine learning and deep learning models for common enterprise AI use cases. These include time-series forecasting, churn prediction, deep learning-based personalization, and the creation of customized, highly specific models.
- The company has also announced its plans to incorporate computer vision for image detection, classification, and segmentation.
- Abacus.ai, which currently has a team of 45 employees, plans to increase headcount to 80 by the end of 2021.
- The platform currently caters to over 10,000 developers, who have developed over 30K real-time personalization, time-series forecasting, and anomaly detection models to date.
Why does the market matter?
- The global artificial intelligence in computer vision market is projected to expand at a CAGR of 26.3% to reach a value of $51.3B by 2026, according to MarketsandMarkets.
- Factors such as the rising demand for computer vision systems as well as the increasing need for quality inspection, automation, and application-specific integrated circuits (ASICs) are contributing to the industry’s growth.
- Although governments are undertaking initiatives to support the integration of AI into edge devices, increasing security concerns regarding cloud-based image processing and analytics are likely to hinder the market’s growth.
- The Covid-19 pandemic has led to growth in the adoption of AI-enabled devices, which in turn is driving the market’s growth.