Israeli startup Explorium announced on Wednesday that it has secured $19 million in funding to scale its new breed of a data science platform. The investment round included a seed round of $3.6 million led by Emerge with the participation of F2 Capital, and a $15.5 million Series A led by Zeev Ventures with the participation of the seed investors.
Founded in 2017 by entrepreneurs Maor Shlomo, Or Tamir and Omer Har, Explorium helps companies work with better data for more accurate machine learning models.
“We are doing for machine learning data what search engines did for the web,” said Shlomo, Explorium’s co-founder and CEO, in a statement. “Just as a search engine scours the web and pulls in the most relevant answers for your need, Explorium scours data sources inside and outside your organization to generate the features that drive accurate models”.
Explorium’s platform connects a company’s internal data to thousands of external sources, then extracting the most relevant features from these new data sources and integrating them to power superior models, the company explained in the statement. “For example, lenders or insurers can use Explorium to automatically discover the most relevant predictive variables from thousands of new data sources, giving their risk prediction models an edge through better financial, geographic, personal and commercial context,” Explorium said.
The startup said the investment round came after a year of monumental growth for the company which now works across seven industries, including financial services, CPG (consumer packaged goods), retail and eCommerce. “Having extended its data catalog with proprietary data and partnerships, Explorium is now empowering machine learning models across a wide spectrum of customers, from Fortune 100 companies to fast-growing startups,” the company said.
Oren Zeev, founding Partner at Zeev Ventures, said, “Explorium is defining a new category by changing how companies find relevant data for Artificial Intelligence. Maor, Or and Omer have built a mature product in such a short time, and Explorium’s customers are seeing a real impact by supercharging their businesses with new data and features.”
Dovi Ollech, founding partner of Emerge, added, “From the inception of the company, it was clear that Explorium is taking data science to the next level by empowering data scientists in one of their biggest challenges – finding relevant data from every possible source in scale and thus making models more robust.”