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Press release content from PR Newswire. The AP news staff was not involved in its creation.
PRESS RELEASE: Paid content from PR Newswire
Press release content from PR Newswire. The AP news staff was not involved in its creation.

OctoML Secures $85M to Transform the Way Enterprises Deploy ML Models to Production

November 1, 2021 GMT

SEATTLE, Nov. 1, 2021 /PRNewswire/ -- OctoML today announced it has raised a $85 million Series C funding round, bringing the company’s total amount raised to $132 million. Tiger Global Management led the round with participation from existing investors Addition, Madrona Venture Group and Amplify Partners.

“The ever-growing ecosystem of ML hardware backends and diverse models are generating an insurmountable amount of manual work to optimize and fine tune models before deployment. This is resulting in skyrocketing costs, significant delays in time to production and impeding new use cases in resource-constrained edge devices,” said Luis Ceze, CEO, OctoML. “These challenges are threatening the progress of AI by limiting its accessibility; it’s also putting ML on a path that is not environmentally sustainable.”

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A Unified Platform for Deploying ML Models

Built on the Apache TVM open source framework, OctoML is a machine learning deployment platform that provides choice, automation and performance to organizations taking their trained models to production. The platform helps ML professionals achieve optimal performance across a breadth of cloud services and edge hardware endpoints, resulting in significant cost optimizations and accelerated time to market. The platform also readily addresses the challenge of optimizing ML models to match the resources at the edge, which opens up opportunities for a new wave of intelligent apps.

The OctoML Hardware Partner Ecosystem

Core to the OctoML platform is a fast-growing ecosystem of hardware and cloud vendors that extend support of Apache TVM and OctoML to any hardware endpoint. In the last month, we have announced official partnerships with leading hardware vendors, including Qualcomm, AMD and Arm.

Ceze adds, “Our ecosystem efforts are driven by our vision for the company, which is to make ML accessible to as many developers, anywhere and on any device—in order to drive an incredible diversity of innovation.”

Already a number of Global 100 companies are realizing outsized gains from leveraging OctoML to get models into production. These customers are achieving a 2-10x boost in performance, which translates to 2-10x savings in compute cost.

The new financing will fuel the next phase in the company’s growth, including expanding its leading ML deployment platform, and building on its growing ecosystem of hardware partners and cloud service providers.

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“OctoML is creating a profound shift in the way organizations build next-generation AI models and applications,″ said John Curtius, Partner, Tiger Global. “OctoML’s vision of delivering an unified deployment lifecycle for users across all the ML hardware vendors they rely on is making ML development more cost-effective and accessible to a broader set of developers. We’re excited to welcome Luis and the co-founding team at OctoML to the Tiger portfolio, and look forward to playing a role in their next growth chapter.”

Visit here to register for OctoML’s early access program.

ABOUT OCTOML
OctoML is a machine learning deployment platform based in Seattle, Washington. OctoML aims to accelerate model performance while enabling seamless deployment of models across any hardware platform, cloud provider, or edge device. The company’s investors include Addition, Madrona Venture Group, and Amplify Partners. OctoML was founded by creators of open-source Apache TVM, CEO Luis Ceze, CTO Tianqi Chen, CPO Jason Knight, Chief Architect Jared Roesch, and VP of Technology Partnerships Thierry Moreau. For more information, please visit https://octoml.ai/

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SOURCE OctoML