OctoML Raises $28M Series B to Accelerate Machine Learning

OctoML Secures $28 Million in Series B Funding

OctoML, a Seattle-based company specializing in machine learning acceleration, has announced a $28 million Series B funding round. The investment was led by Addition, with participation from existing investors Madrona Venture Group and Amplify Partners.

Funding Details and Company Growth

This latest funding brings OctoML’s total raised capital to $47 million. The company previously secured $15 million in a Series A round in April 2020, led by Amplify Partners.

OctoML’s core offering centers around a platform designed to automatically optimize machine learning model performance across various cloud and edge devices.

The Octomizer Platform and Early Adoption

Founded by the creators of the Apache TVM compiler framework, OctoML has been onboarding early adopters to its “Octomizer” SaaS platform.

According to co-founder and CEO Luis Ceze, the company currently has nearly 1,000 sign-ups on the waitlist for early access. This strong demand prompted a pre-emptive Series B round.

Expanding Capabilities and Customer Base

The new funding will be used to accelerate go-to-market efforts, build a dedicated customer success team, and expand the engineering team to develop new features.

The company has observed significant growth within the TVM project community, with approximately 1,000 attendees at its virtual conference last year.

OctoML’s customer base spans diverse industries, including defense, financial services, life sciences, automotive, and various startups.

Recent Developments and Partnerships

Recent advancements include the launch of support for the Apple M1 chip, demonstrating strong performance capabilities.

Strategic partnerships with industry leaders such as Microsoft, Qualcomm, and AMD are in place to enhance open-source components and optimize the service for a broader range of models.

Focus on Optimizing the Entire ML Lifecycle

OctoML is expanding its focus beyond model optimization to include the machine learning training process itself.

By accelerating training, the platform aims to deliver cost savings to users, making it a more compelling solution.

The long-term vision is to provide an end-to-end solution encompassing both training and model optimization, with future plans to incorporate deployment support.

Investor Perspective

Lee Fixel, founder of Addition, stated that OctoML is positioned to revolutionize machine learning model deployment. He highlighted the company’s vision, talent, and technology as key drivers of ML transformation.

Fixel also noted the rapid adoption of Octomizer as a leading solution for maximizing machine learning model performance.

Early Stage Event Announcement

Early Stage, a premier event for startup entrepreneurs and investors, will provide insights into building successful businesses, raising capital, and portfolio management.

The event will cover fundraising, recruiting, sales, product-market fit, PR, marketing, and brand building, with dedicated time for audience questions and discussion.

A 20% discount is available using the code “TCARTICLE” at checkout.