SAN FRANCISCO –– Domino Data Lab, developer of an open data science platform, has secured $40 million in a funding round led by Sequoia Capital and Coatue Management. Founded in 2013, the new round of funding brings Domino’s total capital raised to $81.2 million and will help Domino continue to deliver new data science platform products, acquire talent, expand globally, and secure and deepen strategic partnerships with companies like SAS and AWS.
“It is exciting to see so many of our customers adopting model management as a core capability to become model-driven businesses,” said Nick Elprin, co-founder and CEO of Domino Data Lab. “Customers using Domino have happier and more productive data scientists building and delivering models faster. The strong backing from Sequoia and Coatue amplifies our ability to help our customers improve their models, whether that lets them increase crop yields, reduce fraud, invent new medicine, or simply recommend the best meal to order.”
Domino has seen increased demand and momentum, tripling revenue in the past nine months while expanding adoption at enterprise clients such as Allstate, Dell, Bristol-Myers Squibb, and Monsanto. Domino has earned new business at EasyJet, Lloyds Banking Group, SunCorp Group, and the international insurer BNP Paribas Cardif, and other global enterprises across various industries.
“Domino matches our vision of how innovative data science models can be soundly developed and integrated into the business processes of a regulated industry such as insurance,” said Sebastien Conort, chief data scientist at BNP Paribas Cardif. “Domino invests a lot in advanced model management, which we strongly believe is mandatory for a risk controlled transition to a model-driven company.”
“Domino Data Lab is creating a new software category with its resonant vision and best-of-breed product,” said Bryan Schreier, partner at Sequoia. “We jumped at the opportunity to double down on Domino based on their effusive customer base and the massive market opportunity for model management.”