Vectice raises $12.6M to foster positive AI impact within enterprises

The amount of data being generated right now is hard to even wrap your head around: in 2020, every person generated 1.7 megabytes in just a second. That's 2.5 quintillion bytes of data every day. Companies are on a quest to build AI models to leverage all of this data. So, it's no wonder  most organizations  are building out large teams of data scientists  to lead their business into the AI era. 

Vectice helps data science teams document their assets and streamline their projects. The solution auto-captures the assets data science teams create throughout the project lifecycle and automatically generates documentation from business requirements to production deployment. It’s a tool for reviewing ongoing progress, locating prior art for new projects, and showcasing team impact.

Founded by Cyril Brignone, former CEO of Arrayent CEO and co-founder of Vator.tv, along with former Lattice Engines CTO Gregory Haardt, Vectice announced a $12.6 million Series A round this week, co-led by Sorenson Ventures and Crosslink Capital. Spider Capital, Global Founders Capital, and Silicon Valley Bank also participated.

The company had previously raised a $3 million seed funding round in 2020, bringing its total funding to $15.6 million.

Vectice's solution leverages the information from  the most common tools data scientists use, from source control systems like  Github, to  model building libraries such as scikit-learn, MLOps tools including MLflow, and Google and Amazon AI Cloud platforms, and Jira. A flexible API is also available to connect with customers’ in-house solutions.

The company also captures assets lineage and versioning, allowing data scientists to understand the relationship between all their different assets, and how they relate to each other.

"We increase Data Science project success rate to positively impact the business topline. We are addressing 2 of the main reasons why AI projects fail by sharing data science knowledge and connecting cross-functional team members. Vectice creates a unified view of the data science initiatives across an organization," Brignone told me.

"In one place, team members can discover previous artifacts, share domain knowledge, and communicate project progress to stakeholders. Vectice enables new, collaborative behaviors that increase team productivity, centralize project visibility and reduce the common risks associated with failed AI projects."

In the year and half since its last funding round, Vectice has grown to a team of 30 people, with two physical offices. One is in San Francisco and the other one is an R&D center in France. On top of that, the company also completed an POC program with 19 Fortune 2000 enterprise accounts.

"The POC was all about collecting feedback on the product from enterprise data science teams, 19 Fortune 2000 completed this program that included hands-on team testing of our product," Brignone told me.

"The product is now ready for mission critical deployment. It's a very exciting time!”

The new funding will be used to grow the team, specifically in the areas of engineering, product, and customer engagement. It will allow Vectice to expand its private Beta program to additional accounts, with a focus on maximizing the value Vectice brings to data science teams in the enterprise.

“The process starts with a simple deployment followed by the onboarding of a team and a smooth import of the work done in the past," said Brignone.

"We’re putting the funding towards increasing the size of our customer-facing and R&D teams to respectively scale up our client onboarding capabilities and support new product integrations. We focus on onboarding selected Fortune 2000 accounts, so we are investing heavily in features critical to these enterprises such as security, scalability, user management, and integrations."

Vectice's mission, Cyril shared with me, is “to enable positive AI impact for enterprises at a global scale.”

(Image source: vectice.com)