Sequoia Capital and Coatue Management Lead Funding Round, Double Down on Previous Investments
Domino Data Lab, provider of an open data science platform, announced it has secured $40 million in a funding round led by Sequoia Capital and Coatue Management. This funding brings Domino’s total capital raised to $81.2 million and will help Domino continue to deliver new data science platform products, acquire talent, expand globally, and secure and deepen strategic partnerships with companies like SAS and AWS.
“It is exciting to see so many of our customers adopting model management as a core capability to become model-driven businesses,” said Nick Elprin, co-founder and CEO of Domino Data Lab. “Customers using Domino have happier and more productive data scientists building and delivering models faster. The strong backing from Sequoia and Coatue amplifies our ability to help our customers improve their models, whether that lets them increase crop yields, reduce fraud, invent new medicine, or simply recommend the best meal to order.”
The funding announcement comes just two months after the inaugural Rev summit for data science leaders, where Domino introduced the Model Management framework and strategy to an audience of over 300 data science leaders, executives, and practitioners. The Model Management framework helps model-driven businesses to develop, deliver, and manage predictive models.
Domino has seen increased demand and momentum, tripling revenue in the past nine months while expanding adoption at enterprise clients such as Allstate, Dell, Bristol-Myers Squibb, and Monsanto. Domino has earned new business at EasyJet, Lloyds Banking Group, SunCorp Group, and the international insurer BNP Paribas Cardif, and other global enterprises across various industries.
“Domino matches our vision of how innovative data science models can be soundly developed and integrated into the business processes of a regulated industry such as insurance,” said Sebastien Conort, chief data scientist at BNP Paribas Cardif. “Domino invests a lot in advanced model management, which we strongly believe is mandatory for a risk controlled transition to a model-driven company.”
“Domino Data Lab is creating a new software category with its resonant vision and best-of-breed product,” said Bryan Schreier, partner at Sequoia. “We jumped at the opportunity to double down on Domino based on their effusive customer base and the massive market opportunity for model management.”
“We anticipate that model management will emerge as a key battleground for data science startups and data management and analytics incumbents over the next 12 to 18 months,” said Krishna Roy, senior analyst at 451 Research. “Domino Data Lab is well-positioned to benefit as more organizations move from data science and machine learning experimentation to implementation and production.”