|By PR Newswire||
|August 18, 2014 12:30 PM EDT||
SEATTLE, Aug. 18, 2014 /PRNewswire-iReach/ -- Algorithmia (www.algorithmia.com), a cloud marketplace for algorithms has raised $2.4 M in seed funding. Algorithmia enables algorithm developers to combine and commercialize their algorithm implementations by making them more discoverable through an app store for algorithms. Developers at companies, universities and organizations can easily find, test and implement these algorithms by accessing Algorithmia's universal API.
The financing was led by Madrona Venture Group with participation from Rakuten Ventures, Deep Fork Capital as well as prominent angel investors such as Oren Etzioni and Charles Fitzgerald. Algorithmia was founded by Diego M. Oppenheimer and Kenneth Daniel.
While algorithms are influencing consumers lives by helping them find friends, choose movies, and shop online; there is a huge untapped pool of algorithms being created for everything from creating better maps, finding the most qualified reviews, to analyzing DNA. Algorithms have the capability of improving many areas of our lives. But most of these are trapped on paper and not only is this knowledge hard to find but also rarely is it in a usable state. Algorithmia brings this groundbreaking knowledge to light and enables anybody and everybody to tap into it.
"Algorithms make applications smarter. We are building a community around algorithm development and implementation where state-of-the-art algorithms are always live and accessible to anyone," said Diego Oppenheimer, founder and CEO. "Early response has shown that exposing algorithms and offering them in an easy to use format is not only a time saver for companies but is an incredibly valuable resource in building the critical applications and thinking in new ways about product development. Developers who haven't had a platform for commercializing all their hard work are excited to see their work change lives."
Co-founders Oppenheimer and Daniel bring a depth of business, technical and data analysis experience to the company. CEO Diego Oppenheimer has over 10 years experience working in business intelligence and building data analysis products, most recently as part of the Microsoft Excel Business Intelligence team. Kenneth Daniel has spent the better part of his life as an algorithm developer including developing marketplace theory for the U. S. Department of Transportation and pursuing his PhD in Artificial Intelligence at USC. The founders met at Carnegie Mellon University.
"Most algorithms never see the light of day because they are trapped in academic papers. Algorithmia could become a key platform where algorithmic innovation meets the market," remarked Oren Etzioni, entrepreneur and CEO of the Allen Institute of Artificial Intelligence.
"By crowdsourcing the algorithmic knowledge of the world in a way that it can be easily combined, we are building a world class intelligence library, " added Kenneth Daniel, founder and CTO. "This is a novel approach to achieving some of the goals of Artificial Intelligence."
"The time is now for a marketplace of algorithms. Ubiquitous cloud computing resources, the rise of composite applications connected by API's, and the desire of application developers to unlock their data with algorithms and advanced analytics are all major drivers we see with customers every day. Algorithmia creates a place where businesses can easily discover and experiment with a wide variety of algorithms on their own data, while avoiding all the hassles of IT or provisioning infrastructure. We love the value proposition for both the demand and supply side of the marketplace, and Kenny and Diego are an amazing founding team who have both the technical and business chops to build this vision into reality," said Tim Porter, Managing Director at Madrona Venture Group who will be joining Algorithmia's board.
Algorithmia is currently in private beta and expects to launch by the end of the year to a broader audience. To request an invite please visit (link).
Algorithmia is a marketplace for algorithms. Developers can turn algorithms into scalable web services with a single click. Companies and application developers can integrate algorithms into their own applications with under 10 lines of code by accessing the Algorithmia universal API. Algorithmia is based in Seattle.
About Madrona Venture Group
Madrona (www.madrona.com) has been investing in early-stage technology companies in the Pacific Northwest since 1995 and has been privileged to play a role in some of the region's most successful technology ventures. The firm invests predominantly in seed and Series A rounds across the information technology spectrum, including consumer Internet, commercial software and services, digital media and advertising, networking and cloud computing, and mobile. Madrona manages approximately $1 billion and was an early investor in companies such as Amazon.com, Apptio, Isilon Systems, and Redfin.
About Rakuten Ventures
Rakuten Ventures is an early stage corporate venture capital fund focused on empowering the startup ecosystem to positively affect Internet services globally. The fund was originally launched in 2013 and counts Carousell, Visenze, Coda Payments and Send Anywhere among its investment portfolio. In June 2014, Rakuten Ventures launched a US$100 million global fund to target startups and companies in Israel, Asia Pacific, and the USA, with a focus on companies that can enable better user experience and facilitation. For more information, please contact [email protected]
About Deep Fork Capital
Deep Fork Capital is a San Francisco- and New York City-based early-stage venture capital firm focused on investing globally in entrepreneurs who are building disruptive technology-driven companies in the Consumerized Internet. Founded, funded and operated by entrepreneurs, Deep Fork Capital's partner's are familiar with the challenges and opportunities of launching and building a business; as such, the firm seeks to collaborate actively with the entrepreneur throughout the lifecycle of their business. For additional information, visit www.deepforkcapital.com.
Media Contact: Diego Oppenheimer, Algorithmia, 2065529054, [email protected]
News distributed by PR Newswire iReach: https://ireach.prnewswire.com
In her General Session at 15th Cloud Expo, Anne Plese, Senior Consultant, Cloud Product Marketing, at Verizon Enterprise, focused on finding the right mix of renting vs. buying Oracle capacity to scale to meet business demands, and offer validated Oracle database TCO models for Oracle development and testing environments. Anne Plese is a marketing and technology enthusiast/realist with over 19+ years in high tech. At Verizon Enterprise, she focuses on driving growth for the Verizon Cloud platfo...
Dec. 27, 2014 04:00 AM EST Reads: 2,518
The Internet of Things will put IT to its ultimate test by creating infinite new opportunities to digitize products and services, generate and analyze new data to improve customer satisfaction, and discover new ways to gain a competitive advantage across nearly every industry. In order to help corporate business units to capitalize on the rapidly evolving IoT opportunities, IT must stand up to a new set of challenges. In his session at @ThingsExpo, Jeff Kaplan, Managing Director of THINKstrateg...
Dec. 27, 2014 03:00 AM EST Reads: 1,791
SYS-CON Events announced today Isomorphic Software, the global leader in high-end, web-based business applications, will exhibit at SYS-CON's DevOps Summit 2015 New York, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Isomorphic Software is the global leader in high-end, web-based business applications. We develop, market, and support the SmartClient & Smart GWT HTML5/Ajax platform, combining the productivity and performance of traditional desktop software ...
Dec. 27, 2014 03:00 AM EST Reads: 1,785
The Internet of Things is tied together with a thin strand that is known as time. Coincidentally, at the core of nearly all data analytics is a timestamp. When working with time series data there are a few core principles that everyone should consider, especially across datasets where time is the common boundary. In his session at Internet of @ThingsExpo, Jim Scott, Director of Enterprise Strategy & Architecture at MapR Technologies, discussed single-value, geo-spatial, and log time series dat...
Dec. 27, 2014 02:00 AM EST Reads: 2,229
DevOps Summit 2015 New York, co-located with the 16th International Cloud Expo - to be held June 9-11, 2015, at the Javits Center in New York City, NY - announces that it is now accepting Keynote Proposals. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long development cycles that produce software that is obsolete...
Dec. 27, 2014 12:00 AM EST Reads: 2,623
SYS-CON Events announced today that Gridstore™, the leader in hyper-converged infrastructure purpose-built to optimize Microsoft workloads, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Gridstore™ is the leader in hyper-converged infrastructure purpose-built for Microsoft workloads and designed to accelerate applications in virtualized environments. Gridstore’s hyper-converged infrastructure is the ...
Dec. 26, 2014 04:00 PM EST Reads: 1,878
There's Big Data, then there's really Big Data from the Internet of Things. IoT is evolving to include many data possibilities like new types of event, log and network data. The volumes are enormous, generating tens of billions of logs per day, which raise data challenges. Early IoT deployments are relying heavily on both the cloud and managed service providers to navigate these challenges. In her session at Big Data Expo®, Hannah Smalltree, Director at Treasure Data, discussed how IoT, Big D...
Dec. 26, 2014 04:00 PM EST Reads: 2,245
The 4th International DevOps Summit, co-located with16th International Cloud Expo – being held June 9-11, 2015, at the Javits Center in New York City, NY – announces that its Call for Papers is now open. Born out of proven success in agile development, cloud computing, and process automation, DevOps is a macro trend you cannot afford to miss. From showcase success stories from early adopters and web-scale businesses, DevOps is expanding to organizations of all sizes, including the world's large...
Dec. 26, 2014 01:00 PM EST Reads: 2,664
The Internet of Things promises to transform businesses (and lives), but navigating the business and technical path to success can be difficult to understand. In his session at @ThingsExpo, Sean Lorenz, Technical Product Manager for Xively at LogMeIn, demonstrated how to approach creating broadly successful connected customer solutions using real world business transformation studies including New England BioLabs and more.
Dec. 26, 2014 01:00 PM EST Reads: 2,089
WebRTC defines no default signaling protocol, causing fragmentation between WebRTC silos. SIP and XMPP provide possibilities, but come with considerable complexity and are not designed for use in a web environment. In his session at @ThingsExpo, Matthew Hodgson, technical co-founder of the Matrix.org, discussed how Matrix is a new non-profit Open Source Project that defines both a new HTTP-based standard for VoIP & IM signaling and provides reference implementations.
Dec. 26, 2014 12:30 PM EST Reads: 1,914
Dec. 26, 2014 12:00 PM EST Reads: 1,753
Explosive growth in connected devices. Enormous amounts of data for collection and analysis. Critical use of data for split-second decision making and actionable information. All three are factors in making the Internet of Things a reality. Yet, any one factor would have an IT organization pondering its infrastructure strategy. How should your organization enhance its IT framework to enable an Internet of Things implementation? In his session at Internet of @ThingsExpo, James Kirkland, Chief Ar...
Dec. 26, 2014 11:15 AM EST Reads: 2,412
"SAP had made a big transition into the cloud as we believe it has significant value for our customers, drives innovation and is easy to consume. When you look at the SAP portfolio, SAP HANA is the underlying platform and it powers all of our platforms and all of our analytics," explained Thorsten Leiduck, VP ISVs & Digital Commerce at SAP, in this SYS-CON.tv interview at 15th Cloud Expo, held Nov 4-6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Dec. 26, 2014 11:00 AM EST Reads: 1,857
SAP is delivering break-through innovation combined with fantastic user experience powered by the market-leading in-memory technology, SAP HANA. In his General Session at 15th Cloud Expo, Thorsten Leiduck, VP ISVs & Digital Commerce, SAP, discussed how SAP and partners provide cloud and hybrid cloud solutions as well as real-time Big Data offerings that help companies of all sizes and industries run better. SAP launched an application challenge to award the most innovative SAP HANA and SAP HANA...
Dec. 26, 2014 11:00 AM EST Reads: 2,058
Connected devices and the Internet of Things are getting significant momentum in 2014. In his session at Internet of @ThingsExpo, Jim Hunter, Chief Scientist & Technology Evangelist at Greenwave Systems, examined three key elements that together will drive mass adoption of the IoT before the end of 2015. The first element is the recent advent of robust open source protocols (like AllJoyn and WebRTC) that facilitate M2M communication. The second is broad availability of flexible, cost-effective ...
Dec. 26, 2014 11:00 AM EST Reads: 1,971