Machine Learning Authors: Pat Romanski, William Schmarzo, Yeshim Deniz, Liz McMillan, Jason Bloomberg

News Feed Item

Algorithmia lands $2.4 million in Seed Funding to Activate the Algorithm Economy; Launches App Store for Algorithms

Algorithm marketplace focused on improving discoverability and use of advanced algorithms

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.

Photo - http://photos.prnewswire.com/prnh/20140814/136385

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).  

About Algorithmia

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

SOURCE Algorithmia

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

@CloudExpo Stories
Daniel Jones is CTO of EngineerBetter, helping enterprises deliver value faster. Previously he was an IT consultant, indie video games developer, head of web development in the finance sector, and an award-winning martial artist. Continuous Delivery makes it possible to exploit findings of cognitive psychology and neuroscience to increase the productivity and happiness of our teams.
The standardization of container runtimes and images has sparked the creation of an almost overwhelming number of new open source projects that build on and otherwise work with these specifications. Of course, there's Kubernetes, which orchestrates and manages collections of containers. It was one of the first and best-known examples of projects that make containers truly useful for production use. However, more recently, the container ecosystem has truly exploded. A service mesh like Istio addr...
Predicting the future has never been more challenging - not because of the lack of data but because of the flood of ungoverned and risk laden information. Microsoft states that 2.5 exabytes of data are created every day. Expectations and reliance on data are being pushed to the limits, as demands around hybrid options continue to grow.
Poor data quality and analytics drive down business value. In fact, Gartner estimated that the average financial impact of poor data quality on organizations is $9.7 million per year. But bad data is much more than a cost center. By eroding trust in information, analytics and the business decisions based on these, it is a serious impediment to digital transformation.
Business professionals no longer wonder if they'll migrate to the cloud; it's now a matter of when. The cloud environment has proved to be a major force in transitioning to an agile business model that enables quick decisions and fast implementation that solidify customer relationships. And when the cloud is combined with the power of cognitive computing, it drives innovation and transformation that achieves astounding competitive advantage.
Digital Transformation: Preparing Cloud & IoT Security for the Age of Artificial Intelligence. As automation and artificial intelligence (AI) power solution development and delivery, many businesses need to build backend cloud capabilities. Well-poised organizations, marketing smart devices with AI and BlockChain capabilities prepare to refine compliance and regulatory capabilities in 2018. Volumes of health, financial, technical and privacy data, along with tightening compliance requirements by...
"NetApp is known as a data management leader but we do a lot more than just data management on-prem with the data centers of our customers. We're also big in the hybrid cloud," explained Wes Talbert, Principal Architect at NetApp, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
Andrew Keys is Co-Founder of ConsenSys Enterprise. He comes to ConsenSys Enterprise with capital markets, technology and entrepreneurial experience. Previously, he worked for UBS investment bank in equities analysis. Later, he was responsible for the creation and distribution of life settlement products to hedge funds and investment banks. After, he co-founded a revenue cycle management company where he learned about Bitcoin and eventually Ethereal. Andrew's role at ConsenSys Enterprise is a mul...
Evan Kirstel is an internationally recognized thought leader and social media influencer in IoT (#1 in 2017), Cloud, Data Security (2016), Health Tech (#9 in 2017), Digital Health (#6 in 2016), B2B Marketing (#5 in 2015), AI, Smart Home, Digital (2017), IIoT (#1 in 2017) and Telecom/Wireless/5G. His connections are a "Who's Who" in these technologies, He is in the top 10 most mentioned/re-tweeted by CMOs and CIOs (2016) and have been recently named 5th most influential B2B marketeer in the US. H...
The best way to leverage your Cloud Expo presence as a sponsor and exhibitor is to plan your news announcements around our events. The press covering Cloud Expo and @ThingsExpo will have access to these releases and will amplify your news announcements. More than two dozen Cloud companies either set deals at our shows or have announced their mergers and acquisitions at Cloud Expo. Product announcements during our show provide your company with the most reach through our targeted audiences.
DevOpsSummit New York 2018, colocated with CloudEXPO | DXWorldEXPO New York 2018 will be held November 11-13, 2018, in New York City. Digital Transformation (DX) is a major focus with the introduction of DXWorldEXPO within the program. Successful transformation requires a laser focus on being data-driven and on using all the tools available that enable transformation if they plan to survive over the long term. A total of 88% of Fortune 500 companies from a generation ago are now out of bus...
With 10 simultaneous tracks, keynotes, general sessions and targeted breakout classes, @CloudEXPO and DXWorldEXPO are two of the most important technology events of the year. Since its launch over eight years ago, @CloudEXPO and DXWorldEXPO have presented a rock star faculty as well as showcased hundreds of sponsors and exhibitors! In this blog post, we provide 7 tips on how, as part of our world-class faculty, you can deliver one of the most popular sessions at our events. But before reading...
DXWorldEXPO LLC announced today that "Miami Blockchain Event by FinTechEXPO" has announced that its Call for Papers is now open. The two-day event will present 20 top Blockchain experts. All speaking inquiries which covers the following information can be submitted by email to [email protected] Financial enterprises in New York City, London, Singapore, and other world financial capitals are embracing a new generation of smart, automated FinTech that eliminates many cumbersome, slow, and expe...
DXWordEXPO New York 2018, colocated with CloudEXPO New York 2018 will be held November 11-13, 2018, in New York City and will bring together Cloud Computing, FinTech and Blockchain, Digital Transformation, Big Data, Internet of Things, DevOps, AI, Machine Learning and WebRTC to one location.
As you move to the cloud, your network should be efficient, secure, and easy to manage. An enterprise adopting a hybrid or public cloud needs systems and tools that provide: Agility: ability to deliver applications and services faster, even in complex hybrid environments Easier manageability: enable reliable connectivity with complete oversight as the data center network evolves Greater efficiency: eliminate wasted effort while reducing errors and optimize asset utilization Security: implemen...
DXWorldEXPO | CloudEXPO are the world's most influential, independent events where Cloud Computing was coined and where technology buyers and vendors meet to experience and discuss the big picture of Digital Transformation and all of the strategies, tactics, and tools they need to realize their goals. Sponsors of DXWorldEXPO | CloudEXPO benefit from unmatched branding, profile building and lead generation opportunities.
@DevOpsSummit New York 2018, colocated with CloudEXPO | DXWorldEXPO New York 2018 will be held November 11-13, 2018, in New York City. From showcase success stories from early adopters and web-scale businesses, DevOps is expanding to organizations of all sizes, including the world's largest enterprises - and delivering real results.
With tough new regulations coming to Europe on data privacy in May 2018, Calligo will explain why in reality the effect is global and transforms how you consider critical data. EU GDPR fundamentally rewrites the rules for cloud, Big Data and IoT. In his session at 21st Cloud Expo, Adam Ryan, Vice President and General Manager EMEA at Calligo, examined the regulations and provided insight on how it affects technology, challenges the established rules and will usher in new levels of diligence arou...
Dion Hinchcliffe is an internationally recognized digital expert, bestselling book author, frequent keynote speaker, analyst, futurist, and transformation expert based in Washington, DC. He is currently Chief Strategy Officer at the industry-leading digital strategy and online community solutions firm, 7Summits.
"We started a Master of Science in business analytics - that's the hot topic. We serve the business community around San Francisco so we educate the working professionals and this is where they all want to be," explained Judy Lee, Associate Professor and Department Chair at Golden Gate University, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.