Open-core data science company Skymind have secured a USD 11.5 million Series A round of funding to provide enterprises with AI prowess. With this investment, Skymind will be focusing their efforts on building high-performance predictive data stacks for cloud enterprises that leverage big-data.
Skymind say that enterprises collect a large amount of information on their cloud storage devices when they have to manage critical workloads. They say that this data allows them to draw insights that are used for arriving at better business decisions.
However, as the data sets expand, it becomes essential that this information is stored in stacks and mined to perform predictive analytics. They further added that by bringing AI into this mix, enterprises can accelerate the time taken to draw data and utilize the same for business intelligence.
Hence, in order to ensure that enterprises can make full use of their cloud and data storage, Skymind secured an investment of USD 11.5 million from TransLink Capital, a Silicon Valley firm.
Chris Nicholson, founder and CEO at Skymind states that AI and machine learning are now ‘must haves’ for enterprises belonging to all industries and sectors. He claims that with AI and cloud, enterprises are focusing on creating data pipelines with different algorithms to establish a better product lifecycle.
Market experts claim that this investment will allow Skymind to take their big data offerings to a whole new level. With this deal, one cannot help but think about vArmour’s USD 44 million Series E funding, to simplify data migration to the cloud.