Iguazio Raises $24 Million in Series C

Iguazio, LTD, with data science platform for real time ML applications, raised $24 million of funding.

The round was led by INCapital Ventures, with participation from existing and new investors, including Pitango Venture Capital, Verizon Ventures, Magma Venture Partners, Samsung SDS, Kensington Capital Partners, Plaza Ventures and Silverton Capital Ventures.

The funds will be used to accelerate its growth and expand the reach of its data science platform to new global markets.

Iguazio co-founders Yaron Segev (left), Yaron Haviv, and Asaf Somekh
(Photo: Yanai Yechiel)

The demand for AI applications is on the rise. According to Gartner, AI augmentation alone will create $2.9 trillion of business value in 2021.

However, there are still many challenges in deploying AI solutions in an effective and scalable way. An estimated 87% of data science models which have shown great promise in the lab never make it to production. This is due to the challenges of transforming a great AI model, which is functional in lab conditions, to a fully operational AI application that can deliver business impact at scale and in real time.

Iguazio solves this problem and brings data science to life for enterprises worldwide. Its data science platform helps data scientists create real-time AI applications while working within the familiar ML stack they know and love. The platform has been deployed by enterprises spanning a variety of verticals, including financial services and telecommunications. It is being used for a multitude of real-time use cases, such as self-healing networks, ride-hailing optimization, logistics optimization, and real-time recommendations.

By way of example, Iguazio announced that Payoneer, a digital payment platform, has deployed the platform to predict and prevent fraud with real-time ML.

“Iguazio’s unique technology facilitates the data science creation process from start to finish, enabling enterprises to deploy AI applications that create real business impact,” said Tom Kennedy, chairman, Kensington Capital Partners. “With the opportunities we are seeing for ML technology and the global success stories emerging from this high-tech nation, Iguazio represents a great first investment for Kensington in an Israeli company.“

“This is a pivotal time for AI. Our platform helps data scientists push the limits of their real-time AI applications and see their impact in real business environments,” said Asaf Somekh, co-founder and CEO, Iguazio. “With support from INCapital, Kensington Capital Partners, and our other investors, we are ready to expand our international team and reach our ambitious goals.”

Iguazio is backed by financial and strategic investors including Samsung, Verizon, Bosch, CME Group, and Dell. The company is led by serial entrepreneurs and a diverse team of innovators in the USA, UK, Singapore and Israel.

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