DataRobot, a Boston, MA-based automated machine learning company, closed a $54m first close of Series C financing.
The round, which brought total funding to $111m, was led by New Enterprise Associates (NEA). A significant but undisclosed amount of additional funding is expected in an imminent second close of the round.
The company will use the funds to double the size of its research and development team to accelerate time-to-market for new features and capabilities, expand its global presence and increase support and expansion for global channel and technology partners, including Cloudera, Alteryx, global systems integrators, analytics solution providers, and value-added resellers (VAR).
Led by Jeremy Achin, CEO and Co-Founder, DataRobot provides an enterprise class platform incorporating a library of hundreds of open source machine learning algorithms for data scientists of all skill levels to automate, train and evaluate predictive models in industries such as insurance, banking, healthcare, and fintech, among others.