- The funding will be used to expand the team and the company’s revenue capabilities
- The funding round was led by OpenOcean
As per a report by VentureBeat, MindsDB has raised $3 million to grow its automated machine learning platform. This platform is made for data scientists and developers to train and deploy models.
The report added that the funding round was led by OpenOcean. Its general partner Patrik Backman cofounded and was a product lead at open source projects MariaDB and MySQL, respectively. This funding round also saw participation from Rogue Capital and Zyper founder Amber Atherton, SCM Advisors, and Berkeley SkyDeck.
This open source platform has been downloaded more than 250,000 times through Python pip installs or software with a graphic user interface as per the report. It has been used by 20,000 developers.
Focusing on open source
Backman in a statement provided by OpenOcean said that MindsDB can quickly establish a position as the leading solution for developers who want to use ML/AI to include fascinating capabilities in their applications.
The report added that cofounder and COO Adam Carrigan said that the funding will be used to expand the team and the company’s revenue capabilities. He added that the company has been focusing on open source. It has got good open source metrics in terms of downloads and GitHub stars. The company has also got some initial contracts signed and figured out a niche in terms sales opportunities. Scaling up is needed now as per him.