Abacus.AI secures $50 million in Series C funding for AI model development

Funding will be mainly used for R&D and engineering to improve its AI hybrid models to identify data

Image: Unsplash

Abacus.AI, previously RealityEngines.ai before a rebrand in 2020, has secured a $50 million Series C funding round for its AI model development platform.

According to ZDNet, the funding round was led by private equity firm Tiger Global Management. Previous investors, Coatue Management, Index Ventures, and Alkeon also joined the round.

This brings total funding for Abacus.AI up to $90 million. Previous rounds included a $22 million Series B round and $13 million Series A. 

According to Bindu Reddy, co-founder and CEO of the company, funding mainly go towards R&D and engineering, but the company also plans to put some funding towards expanding the sales team.

ZDNet also notes that, alongside the funding, Abacus.AI has shed some light on its latest product, a computer vision-as-a-service application that looks to help clients with hybrid data sets that combine "language, vision, and structured data."

Abacus.AI's AI models have wide-ranging use cases, from identifying specific things in photos and building algorithms for social platforms like Facebook, to autocomplete features for text boxes.

Reddy tells VentureBeat, "We have seen rapid adoption of our platform as customers generate orders of magnitude more data, move all their operations to the digital realm, and are looking to AI models to make decisions. We will soon see an inflection point in AI adoption, as it becomes easier and easier to develop models and operationalize them."