Vectice raises $3M to revolutionize how enterprises manage their AI and data science initiatives
The AI asset management and collaboration software helping companies to become AI-driven
San Francisco, California - June 16, 2020 - Vectice, the cloud-based platform to power data science and AI initiatives among F2000 corporations, announced today a $3M seed round co-led by Spider Capital and Crosslink Capital. Other investors include Global Founders Capital, early executives from Salesforce and other leading enterprise cloud and data science executives. Vectice will use the capital to develop its enterprise AI asset management and collaboration software platform for data science teams and business stakeholders within data-centric corporations.
"Gartner projects that 85% of companies' AI projects will fail to create measurable business value for the enterprise," says Vectice co-founder Gregory Haardt. "What people are starting to realize is that leveraging AI to develop better products for their customers represents not only a technological challenge, but also an organizational and cultural challenge, and increasingly a strategic imperative."
Vectice was founded by seasoned enterprise entrepreneurs Cyril Brignone and Gregory Haardt, who are on a mission to revolutionize the way data science teams work and collaborate within their organization. By helping teams better track their assets including AI models, manage institutional knowledge and collaborate with the rest of the enterprise, Brignone, and Haardt want to help businesses derive a more positive and tangible impact from their AI investments.
"To be successful and become AI-driven, companies need a solution to track all their AI assets and promote collaboration to align business owners and AI owners," says Cyril Brignone, Vectice’s co-founder & CEO. "Successful AI-driven enterprises will focus on enabling their business to seamlessly consume AI and efficiently produce AI."
To better understand Brignone's point, it's useful to look more closely at how AI teams work today. Modern data science teams produce a rich collection of assets, ranging from data sets, features, models, and experiments to dashboards and notebooks. Those assets are typically siloed and reside in different systems. Moreover, the data assets are rarely linked together and lack the context of their creation. As a result, analytics teams often spend a significant amount of time determining which datasets are "modeling ready," what experiments have been run before, which features were used to train a given model, or trying to track down the "expert" on a particular domain. Understanding how models feed into business initiatives is a whole other challenge for analytics teams, who often have to build up their understanding of the business context by curating a collection of meeting notes, chat histories, shared documents, and emails. No unified system of record exists today to effectively support the data science and AI teams. Those teams are tasked with transforming customer and market data to help their companies develop better products, including self-driving cars, novel therapies, and drugs, risk scoring models for financial services firms, and software to optimize industrial and manufacturing facilities.
"Enterprise data science teams are expanding rapidly in terms of sizes, the complexity of tasks, and impact on profitability. Until Vectice, there has been no true commercial solution for managing their processes, simplifying knowledge transfer, increasing collaboration, and ensuring traceability to maximize speed to market, ROI, as well as minimize the risk of AI initiatives," says Monica Richter, former Chief Data Officer of Dun & Bradstreet and Vectice investor.
"Data science will be core to every job function for future successful enterprises," says Chet Kapoor, CEO of DataStax and Vectice investor. "The Vectice software will enable enterprises to create an AI knowledge catalog and promote internal collaboration needed to successfully scale their AI initiatives."
Michael Neril, Founder & Managing Partner of Spider Capital, said, "We invested in the Vectice team because we believe their vision to provide a system of record for data science and AI teams is a critical missing piece for enterprises and F2000 companies to organize and scale their AI initiatives. We are excited about partnering with such a seasoned founding team whose platform will help power and optimize the significant AI investment initiatives among global corporations, which is expected to produce tens of trillions in incremental global GDP over the next one to two decades.”
“Enterprises across many industries are launching AI initiatives that have the power to make a real impact on their businesses, but there are too few tools available to effectively build and scale AI applications," says Phil Boyer, Principal at Crosslink Capital. "We believe there is a massive hole to fill in helping data science teams manage institutional knowledge and better collaborate with business groups, and that Vectice has the right team to do it. We are excited to support Vectice's mission of accelerating AI adoption and impact in the enterprise.”
If you are interested in joining the team or in participating in our customer private beta, please contact us at info@vectice.com.
About the founders:
Cyril Brignone has 20 years of experience as an entrepreneur, R&D leader, and sales executive in the field of IoT and enterprise solutions. He was the CEO of Arrayent, a B2B IoT enterprise platform with a successful exit in 2017. Co-founder/COO of Vator.tv, an online portal for emerging startups. Previously a research scientist manager at HP Labs.
Gregory Haardt brings 20 years of experience delivering enterprise software & data/AI-driven products. He was the CTO of Lattice Engines, a late-stage startup, acquired by Dun and Bradstreet, focused on AI-driven SaaS solutions optimizing marketing and sales; and a product leader at Salesforce, focusing heavily on data science/ML. Previously, he launched the first API gateway in the market at Apigee.
About Vectice: Vectice's mission is to revolutionize the way enterprise data science teams track their assets, manage knowledge, and collaborate with the rest of the business. We are building a platform-agnostic AI assets management and collaboration software for enterprises to successfully scale their AI initiatives.
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