Vectice Announces $15.6M in Seed and Series A Funding
Wednesday, January 26, 2022
Data science knowledge sharing solution increases investment following successful MVP program
SAN FRANCISCO, Jan. 18, 2022 /PRNewswire/ -- Vectice, the data science knowledge capturing and sharing solution, announces a $12.6M series A round co-led by Sorenson Ventures and Crosslink Capital with participation from Spider Capital, Global Founders Capital (GFC), and Silicon Valley Bank. The Series A follows a successful MVP program with participation from nineteen Fortune 2000 enterprises.
The latest round brings Vectice's total funding to $15.6M. The funds will fuel growth as Vectice expands its team and onboards selected accounts to their private Beta program.
"This is only the first step in Vectice's mission to revolutionize the way data science teams work and collaborate within their organization," said Cyril Brignone, CEO and co-founder, Vectice. "We believe Vectice will ultimately ensure consistent and positive artificial intelligence (AI) and machine learning (ML) impact for all organizations."
Vectice auto-captures the assets data science teams create for a project (datasets, code, notebooks, models, runs, illustrations) and automatically generates documentation throughout the project lifecycle, from business requirements to production deployment. It's the tool of choice for reviewing ongoing progress, locating prior art for new projects, and showcasing team impact.
"AI initiatives are prone to be chaotic: the iterative workflow, evolving stakeholder requirements, diversity of assets, knowledge gaps, and the multitude of specialized tools," said Monica Richter, former Chief Data Officer at Dun & Bradstreet, and Vectice investor. "All of these have challenged both adoption and results. Vectice realized that, although enterprises are convinced of the benefits of AI, they struggle with transparency, alignment, governance and ultimately, delivering consistently successful AI results."
Similar to sales teams before the advent of customer relationship management software (CRMs), data scientists require purpose-built solutions to perform their critical jobs. As MIT Sloan stated in their annual report on AI, "difficulties with generating value from AI show up in the data as organizational rather than technological."
Ken Elefant, Partner at Sorenson Ventures, explained that "Vectice takes out the busy work that data scientists and their managers do in order to keep everyone informed about the exact nature and status of their AI/ML projects. Vectice is the only tool that automatically captures data science tribal knowledge in the enterprise and makes it instantly actionable."
"Given the toolchain available for data science teams is still so nascent and incomplete, data scientists are constantly jumping between various point solutions, and email or spreadsheet to communicate their work which is error-prone and inefficient," said Phil Boyer, Partner at Crosslink Capital and co-lead investor in Vectice's Seed and Series A funding. "Vectice connects all of the key data science assets and collaboration workflows under one roof so teams can be much more organized and productive."
"For data scientists, we are bringing the first automated knowledge solution that is both data-science aware and actionable. All of this while being compatible with the tools they already use," said Gregory Haardt, CTO and co-founder, Vectice.
Nearly 28% of AI/ML initiatives fail, according to IDC. Data scientists often work in isolation and have limited tools to reference their assets, document their learnings, access domain experts' knowledge, and communicate their progress. Vectice aims to target these issues by simplifying data scientists' day-to-day work and helping these teams better integrate into their organizations.
Vectice recently started inviting selected accounts to their private beta and is looking forward to expanding its reach to enable positive AI impact on a global scale. To learn more, visit www.vectice.com.
About Vectice
Vectice's mission is to revolutionize the way enterprise data science teams index their assets, manage knowledge, and collaborate with the rest of the business. We are building a platform-agnostic AI assets management and documentation software for enterprises to successfully scale their AI initiatives by providing a unified view of data science initiatives across an organization. Enterprises use Vectice to centralize project visibility, share domain knowledge, mitigate data science project risks and increase the ROI of their AI initiatives.
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SOURCE Vectice
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