Comet Secures $13 Million Series A Funding to Advance Machine Learning Experimentation

Significant investment is currently flowing into machine learning startups as organizations strive to broaden the application of this technology. Comet, a company specializing in assisting clients with model iteration through a structured experimentation process geared towards production deployment, has announced a $13 million Series A funding round.

Funding Details and Growth

Scale Venture Partners spearheaded the investment, with participation from Trilogy Equity Partners and Two Sigma Ventures, existing investors in the company. According to Crunchbase data, Comet’s total funding now approaches $20 million.

Gideon Mendels, co-founder and CEO, reports that the company has experienced over 500% revenue growth in the past year. “Our progress has been exceptionally positive,” he stated. “We’ve consistently enhanced our product offerings, particularly in the area of experimentation management. This involves meticulous tracking of models – including input data and hyperparameters – and providing teams with the tools to debug and gain insights into model behavior.”

Expanding Platform Capabilities: Comet Model Production Monitoring

Alongside the funding announcement, Comet is unveiling an expansion of its platform to encompass model monitoring post-deployment. This new product is called Comet Model Production Monitoring (MPM).

“The MPM product is specifically designed for monitoring models in a production environment,” Mendels clarified. “Our initial product concentrated on managing offline experiments during the training phase, whereas MPM focuses on models after their initial launch into production.”

The Importance of Model Lifecycle Management

Andy Vitus, a partner at Scale Venture Partners, recognizes the emerging importance of model lifecycle management tools like those offered by Comet. “Machine learning and AI are poised to revolutionize enterprise software,” Vitus commented in a statement. “Ensuring organizations possess comprehensive visibility and control throughout a model’s lifecycle will be absolutely critical for success.”

Global Expansion and Future Workplace Strategy

To support its growth, Comet is establishing a new engineering hub in Israel, complementing its existing office in New York City.

While these offices are currently operating remotely, Mendels indicated a future hybrid work model. “Our plan is to maintain offices in both New York City and Tel Aviv,” he explained. “However, we will not mandate office attendance, offering employees the flexibility to work remotely or come into the office a few days per week. We will also continue to support remote hires globally.”