Devron, a pioneering data science software company, has raised $12 million a Series A financing round, led by leading investment firm Tiger Global and with participation from existing investors FinTech Collective, Afore Capital, and Essence Venture Capital.
The funds will be use to accelerate adoption of the company’s innovative machine learning platform that enables businesses and governments to extract actionable insights from enterprise-wide, distributed data.
“Devron’s technology has the potential to alter the data science and AI landscape,” said John Curtius, Partner at Tiger Global. “We are impressed with what Devron has accomplished in a short period of time and its ability to enable companies to efficiently and effectively derive greater value from more of their data.” he added.
The Devron platform sets a new industry standard by allowing clients to unlock more data faster, wherever it resides. Traditional data science and AI development depend on copying or moving data to a single location, which can be costly, risky, time-consuming and limited by privacy and regulatory constraints. As a result, significant enterprise data remains beyond reach, limiting the effectiveness and return on investment of AI initiatives.
Devron alleviates this issue by enabling businesses to quickly access and organize structured and unstructured data such as images, by bringing the algorithms to the data to enable accurate analysis. This eliminates the need for data extract or movement as a predicate to actual data analysis. Through federated machine learning, Devron allows users to process vast amounts of data concurrently, while ensuring that confidential information remains protected and untouched.
Ian Peebles, Head of Business Development for North America for PS AI Labs, a Devron user and partner said, “Devron allows us to accelerate AI projects and delivery of business value. By allowing access to more information faster and with less risk of data exposure, we can deliver better business decisions, greater efficiencies, and more competitive strategies.”
Devron was formed in 2020 by CEO Kartik Chopra, a former undercover CIA technical intelligence officer. Devron is a leading data science and machine learning platform company that enables innovation by exploiting data synergies.
Source : PR Newswire