Comet Raises $50M Series B Funding - MLOps Platform

Comet Secures $50 Million Series B Funding

The increasing integration of machine learning into business operations necessitates continuous model refinement and testing. Comet has developed a comprehensive platform designed to facilitate the entire model development process, from initial concept to final product deployment.

Today, the company announced the successful completion of a $50 million Series B funding round.

Investment Details

This investment follows the company’s previously secured $13 million Series A round in April.

OpenView spearheaded the current round, with participation from existing investors including Scale Venture Partners, Trilogy Equity Partners, and Two Sigma Ventures. According to Crunchbase data, Comet has now raised a total of nearly $70 million.

Platform Capabilities and Growth

Gideon Mendels, co-founder and CEO of Comet, explained that the platform is adaptable, functioning seamlessly across various environments – from personal laptops to cloud infrastructure and on-premise clusters.

“Comet functions as a platform designed to empower data scientists and machine learning engineers, accelerating the development of machine learning solutions,” Mendels stated. “This is achieved through comprehensive management and optimization of the entire machine learning lifecycle, encompassing experiment tracking and model production monitoring.”

The company’s strategy has proven effective, with annual recurring revenue (ARR) experiencing a fivefold increase this year. Currently, 150 businesses, including prominent names like Uber, Zappos, and Etsy, utilize the Comet platform.

Investor Perspective

Mackey Craven, a partner at OpenView, highlighted the firm’s attraction to Comet, citing its potential in a burgeoning market.

“We are drawn to startups that present a viable product within an emerging market possessing substantial growth potential,” Craven explained. “When we identify an exceptional founding team capable of leading a large and enduring market opportunity, particularly one created by new technologies, we are eager to invest significantly.”

Company Expansion and Values

Comet currently employs 50 individuals across nine countries and four continents, with plans to expand the team to 100 employees by the following year.

Mendels emphasized the importance of diversity and inclusion within the company’s core values. “These principles are fundamental to our company culture,” he said. “Currently, 35% of our team members come from underrepresented groups, and we remain committed to prioritizing diversity in future hiring practices.”

New Product Launch: Comet Artifacts

The company is also introducing a new product, Comet Artifacts, a data versioning tool.

This tool operates similarly to document versioning, enabling data scientists to track data modifications over time.

“Comet Artifacts automatically versions every snapshot of the data used in a machine learning pipeline,” Mendels clarified. “Each change triggers a new version, providing data scientists with the ability to monitor data evolution and compare training data to the data utilized in production models.”