SAN MATEO, Calif., April 27, 2022 – dotData, a leading company focused on delivering full-cycle data science automation and operationalization for the enterprise today announced that it has raised $31.6 million in Series B funding, bringing the total amount of funding raised to date to $74.6 million. The Series B financing round was led by OTSUKA CORPORATION, Sumitomo Mitsui Banking Corporation, and Sumitomo Mitsui Trust Bank, Limited.
dotData, Inc. was founded in 2018 in Silicon Valley, California with the vision of creating a world where organizations of any size could leverage the power of data to create better products and services. dotData’s first offering – dotData Enterprise – delivered on the promise of full-cycle data science automation by leveraging dotData’s unique “Automated Feature Engineering” technology. dotData has helped customers in finance, telecommunications, manufacturing, retail, and other industries create value directly from data to improve business competitiveness, optimize demand forecasting, reduce costs and enhance revenue through AI and Machine Learning.
“We are thrilled of the confidence shown by our investors, OTSUKA CORPORATION, Sumitomo Mitsui Banking Corporation, and Sumitomo Mitsui Trust Bank in our vision of creating a world where more people can benefit from the value of AI,” said Ryohei Fujimaki, Ph.D., CEO, and founder of dotData. “All three companies are also early adopters of dotData, and we are looking forward to furthering business collaboration with each. The latest round of funding will enable dotData to accelerate product development and innovation to better meet customers’ demand and continue supporting customers’ business transformation through AI.”
“Otsuka Corporation invested in dotData to form a stronger alliance and to expand on existing synergies with dotData in the areas of AI,” said Yuji Otsuka, President and Chief Executive Officer of OTSUKA CORPORATION. “Through this alliance, we will be able to strengthen the development and provision of our enterprise-AI solutions in order to accelerate digital transformation (DX) efforts for our clients.”
“Our investment in dotData positions Sumitomo Mitsui Trust Bank as a strategic partner of dotData, jointly promoting the utilization of AI. Through our combined efforts, we will be developing business opportunities in the data science domain and in helping organizations with training of digital-human resources,” said Toshio Masui, Managing Executive Officer of Sumitomo Mitsui Trust Bank.
As investments in digital transformation (DX) continue to accelerate, the demand for the “democratization of AI” will continue to increase. Businesses of all sizes will increasingly need to empower more people across a broad range of areas of excellence by using AI to work more efficiently and to achieve greater results. These funds will allow dotData to strengthen the development of our AI Automation products and services in an effort to expand on our goal of helping our clients address business challenges and bring transformational value to their businesses. dotData will also utilize these funds to expand its sales channels and further enhance business alliances to continue to accelerate the democratization of AI.
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About dotData
dotData's pioneering automated feature discovery and engineering platform addresses the most complex challenge of AI/ML projects. Our Feature Factory technology uncovers hidden gems, providing transparent, explainable features by connecting the dots within large-scale data sets in hours, eliminating human bias. It allows data scientists to explore up to 100X more features, including those yet to be imagined, and augments AI/ML projects in an agile manner, delivering business value faster. In an era of rapid change, insights discovered through AI can be a game-changer for business growth and innovation across industries. The power of dotData’s platform to provide game-changing insights is why Fortune 500 organizations worldwide trust dotData.
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