OctoML has raised $131.9M in funding to date. Here are the top-line bullets you need to know.
OctoML, a machine learning acceleration platform, has raised $85M in a Series C. The round drew participation from Tiger Global Management, Addition, Madrona Venture Group, and Amplify Partners.
HOW’S THE COMPANY PERFORMING
- Washington-based OctoML’s unified platform allows enterprises to optimize and deploy machine learning models across their hardware targets. It helps companies increase performance and cut computing costs by 2–10x.
- The company has partnered with hardware vendors such as Arm, Qualcomm, Apple, MIPS technologies, Intel, and AMD, among others. Its Global 10 clients include Toyota, Microsoft, and Bosch.
- It currently has 90 employees.
WHY DOES THE MARKET MATTER?
- The global machine learning software market is projected to grow at a CAGR of 44.9% and reach a value of $47.3B by 2027, according to Verified Market Research.
- The AI talent shortage has increased the demand for solutions that make ML model optimization and deployment more accessible, contributing to growth in this area.
- Various businesses are opting to adopt AI- and ML-driven technologies to enhance procedural efficiency and performance, as they are capable of accurately analyzing large amounts of data.