|By PR Newswire||
|August 18, 2014 12:30 PM EDT||
SEATTLE, Aug. 18, 2014 /PRNewswire-iReach/ -- Algorithmia (www.algorithmia.com), a cloud marketplace for algorithms has raised $2.4 M in seed funding. Algorithmia enables algorithm developers to combine and commercialize their algorithm implementations by making them more discoverable through an app store for algorithms. Developers at companies, universities and organizations can easily find, test and implement these algorithms by accessing Algorithmia's universal API.
The financing was led by Madrona Venture Group with participation from Rakuten Ventures, Deep Fork Capital as well as prominent angel investors such as Oren Etzioni and Charles Fitzgerald. Algorithmia was founded by Diego M. Oppenheimer and Kenneth Daniel.
While algorithms are influencing consumers lives by helping them find friends, choose movies, and shop online; there is a huge untapped pool of algorithms being created for everything from creating better maps, finding the most qualified reviews, to analyzing DNA. Algorithms have the capability of improving many areas of our lives. But most of these are trapped on paper and not only is this knowledge hard to find but also rarely is it in a usable state. Algorithmia brings this groundbreaking knowledge to light and enables anybody and everybody to tap into it.
"Algorithms make applications smarter. We are building a community around algorithm development and implementation where state-of-the-art algorithms are always live and accessible to anyone," said Diego Oppenheimer, founder and CEO. "Early response has shown that exposing algorithms and offering them in an easy to use format is not only a time saver for companies but is an incredibly valuable resource in building the critical applications and thinking in new ways about product development. Developers who haven't had a platform for commercializing all their hard work are excited to see their work change lives."
Co-founders Oppenheimer and Daniel bring a depth of business, technical and data analysis experience to the company. CEO Diego Oppenheimer has over 10 years experience working in business intelligence and building data analysis products, most recently as part of the Microsoft Excel Business Intelligence team. Kenneth Daniel has spent the better part of his life as an algorithm developer including developing marketplace theory for the U. S. Department of Transportation and pursuing his PhD in Artificial Intelligence at USC. The founders met at Carnegie Mellon University.
"Most algorithms never see the light of day because they are trapped in academic papers. Algorithmia could become a key platform where algorithmic innovation meets the market," remarked Oren Etzioni, entrepreneur and CEO of the Allen Institute of Artificial Intelligence.
"By crowdsourcing the algorithmic knowledge of the world in a way that it can be easily combined, we are building a world class intelligence library, " added Kenneth Daniel, founder and CTO. "This is a novel approach to achieving some of the goals of Artificial Intelligence."
"The time is now for a marketplace of algorithms. Ubiquitous cloud computing resources, the rise of composite applications connected by API's, and the desire of application developers to unlock their data with algorithms and advanced analytics are all major drivers we see with customers every day. Algorithmia creates a place where businesses can easily discover and experiment with a wide variety of algorithms on their own data, while avoiding all the hassles of IT or provisioning infrastructure. We love the value proposition for both the demand and supply side of the marketplace, and Kenny and Diego are an amazing founding team who have both the technical and business chops to build this vision into reality," said Tim Porter, Managing Director at Madrona Venture Group who will be joining Algorithmia's board.
Algorithmia is currently in private beta and expects to launch by the end of the year to a broader audience. To request an invite please visit (link).
Algorithmia is a marketplace for algorithms. Developers can turn algorithms into scalable web services with a single click. Companies and application developers can integrate algorithms into their own applications with under 10 lines of code by accessing the Algorithmia universal API. Algorithmia is based in Seattle.
About Madrona Venture Group
Madrona (www.madrona.com) has been investing in early-stage technology companies in the Pacific Northwest since 1995 and has been privileged to play a role in some of the region's most successful technology ventures. The firm invests predominantly in seed and Series A rounds across the information technology spectrum, including consumer Internet, commercial software and services, digital media and advertising, networking and cloud computing, and mobile. Madrona manages approximately $1 billion and was an early investor in companies such as Amazon.com, Apptio, Isilon Systems, and Redfin.
About Rakuten Ventures
Rakuten Ventures is an early stage corporate venture capital fund focused on empowering the startup ecosystem to positively affect Internet services globally. The fund was originally launched in 2013 and counts Carousell, Visenze, Coda Payments and Send Anywhere among its investment portfolio. In June 2014, Rakuten Ventures launched a US$100 million global fund to target startups and companies in Israel, Asia Pacific, and the USA, with a focus on companies that can enable better user experience and facilitation. For more information, please [email protected]
About Deep Fork Capital
Deep Fork Capital is a San Francisco- and New York City-based early-stage venture capital firm focused on investing globally in entrepreneurs who are building disruptive technology-driven companies in the Consumerized Internet. Founded, funded and operated by entrepreneurs, Deep Fork Capital's partner's are familiar with the challenges and opportunities of launching and building a business; as such, the firm seeks to collaborate actively with the entrepreneur throughout the lifecycle of their business. For additional information, visit www.deepforkcapital.com.
Media Contact: Diego Oppenheimer, Algorithmia, 2065529054, [email protected]
News distributed by PR Newswire iReach: https://ireach.prnewswire.com
Tintri VM-aware storage is the simplest for virtualized applications and cloud. Organizations including GE, Toyota, United Healthcare, NASA and 6 of the Fortune 15 have said "No to LUNs." With Tintri they manage only virtual machines, in a fraction of the footprint and at far lower cost than conventional storage. Tintri offers the choice of all-flash or hybrid-flash platform, converged or stand-alone structure and any hypervisor. Rather than obsess with storage, leaders focus on the business app...
Feb. 27, 2017 10:15 PM EST Reads: 614
Addteq is one of the top 10 Platinum Atlassian Experts who specialize in DevOps, custom and continuous integration, automation, plugin development, and consulting for midsize and global firms. Addteq firmly believes that automation is essential for successful software releases. Addteq centers its products and services around this fundamentally unique approach to delivering complete software release management solutions. With a combination of Addteq's services and our extensive list of partners,...
Feb. 27, 2017 10:00 PM EST Reads: 1,286
The Internet of Things will challenge the status quo of how IT and development organizations operate. Or will it? Certainly the fog layer of IoT requires special insights about data ontology, security and transactional integrity. But the developmental challenges are the same: People, Process and Platform and how we integrate our thinking to solve complicated problems. In his session at 19th Cloud Expo, Craig Sproule, CEO of Metavine, demonstrated how to move beyond today's coding paradigm and sh...
Feb. 27, 2017 09:15 PM EST Reads: 4,167
DevOps is often described as a combination of technology and culture. Without both, DevOps isn't complete. However, applying the culture to outdated technology is a recipe for disaster; as response times grow and connections between teams are delayed by technology, the culture will die. A Nutanix Enterprise Cloud has many benefits that provide the needed base for a true DevOps paradigm.
Feb. 27, 2017 08:30 PM EST Reads: 839
Big Data, cloud, analytics, contextual information, wearable tech, sensors, mobility, and WebRTC: together, these advances have created a perfect storm of technologies that are disrupting and transforming classic communications models and ecosystems. In his session at @ThingsExpo, Erik Perotti, Senior Manager of New Ventures on Plantronics’ Innovation team, provided an overview of this technological shift, including associated business and consumer communications impacts, and opportunities it m...
Feb. 27, 2017 08:00 PM EST Reads: 7,955
For organizations that have amassed large sums of software complexity, taking a microservices approach is the first step toward DevOps and continuous improvement / development. Integrating system-level analysis with microservices makes it easier to change and add functionality to applications at any time without the increase of risk. Before you start big transformation projects or a cloud migration, make sure these changes won’t take down your entire organization.
Feb. 27, 2017 07:45 PM EST Reads: 1,614
WebRTC is about the data channel as much as about video and audio conferencing. However, basically all commercial WebRTC applications have been built with a focus on audio and video. The handling of “data” has been limited to text chat and file download – all other data sharing seems to end with screensharing. What is holding back a more intensive use of peer-to-peer data? In her session at @ThingsExpo, Dr Silvia Pfeiffer, WebRTC Applications Team Lead at National ICT Australia, looked at differ...
Feb. 27, 2017 07:45 PM EST Reads: 7,369
With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo 2016 in New York. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be! Internet of @ThingsExpo, taking place June 6-8, 2017, at the Javits Center in New York City, New York, is co-located with 20th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry p...
Feb. 27, 2017 07:30 PM EST Reads: 2,257
SYS-CON Events announced today that IoT Now has been named “Media Sponsor” of SYS-CON's 20th International Cloud Expo, which will take place on June 6–8, 2017, at the Javits Center in New York City, NY. IoT Now explores the evolving opportunities and challenges facing CSPs, and it passes on some lessons learned from those who have taken the first steps in next-gen IoT services.
Feb. 27, 2017 07:15 PM EST Reads: 1,975
The Internet of Things can drive efficiency for airlines and airports. In their session at @ThingsExpo, Shyam Varan Nath, Principal Architect with GE, and Sudip Majumder, senior director of development at Oracle, discussed the technical details of the connected airline baggage and related social media solutions. These IoT applications will enhance travelers' journey experience and drive efficiency for the airlines and the airports.
Feb. 27, 2017 07:00 PM EST Reads: 2,600
SYS-CON Events announced today that WineSOFT will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Based in Seoul and Irvine, WineSOFT is an innovative software house focusing on internet infrastructure solutions. The venture started as a bootstrap start-up in 2010 by focusing on making the internet faster and more powerful. WineSOFT’s knowledge is based on the expertise of TCP/IP, VPN, SSL, peer-to-peer, mob...
Feb. 27, 2017 07:00 PM EST Reads: 2,203
DevOps is being widely accepted (if not fully adopted) as essential in enterprise IT. But as Enterprise DevOps gains maturity, expands scope, and increases velocity, the need for data-driven decisions across teams becomes more acute. DevOps teams in any modern business must wrangle the ‘digital exhaust’ from the delivery toolchain, "pervasive" and "cognitive" computing, APIs and services, mobile devices and applications, the Internet of Things, and now even blockchain.
Feb. 27, 2017 06:45 PM EST Reads: 2,253
A strange thing is happening along the way to the Internet of Things, namely far too many devices to work with and manage. It has become clear that we'll need much higher efficiency user experiences that can allow us to more easily and scalably work with the thousands of devices that will soon be in each of our lives. Enter the conversational interface revolution, combining bots we can literally talk with, gesture to, and even direct with our thoughts, with embedded artificial intelligence, whic...
Feb. 27, 2017 06:30 PM EST Reads: 2,137
Have you ever noticed how some IT people seem to lead successful, rewarding, and satisfying lives and careers, while others struggle? IT author and speaker Don Crawley uncovered the five principles that successful IT people use to build satisfying lives and careers and he shares them in this fast-paced, thought-provoking webinar. You'll learn the importance of striking a balance with technical skills and people skills, challenge your pre-existing ideas about IT customer service, and gain new in...
Feb. 27, 2017 06:15 PM EST Reads: 520
WebRTC sits at the intersection between VoIP and the Web. As such, it poses some interesting challenges for those developing services on top of it, but also for those who need to test and monitor these services. In his session at WebRTC Summit, Tsahi Levent-Levi, co-founder of testRTC, reviewed the various challenges posed by WebRTC when it comes to testing and monitoring and on ways to overcome them.
Feb. 27, 2017 06:15 PM EST Reads: 8,310