Explorium secures $19 million in funding for the consolidation of AI model training and deployment.

Explorium, a Tel Aviv-based startup, has unveiled its achievement of raising a total of $19 million in funding through various rounds. Notably, Emerge and F2 Capital contributed $3.6 million in a seed round, while Zeev Ventures led a $15.5 million series A round.

This significant capital infusion comes on the heels of a remarkable year for Explorium, during which it managed to secure Fortune 100 clients across a broad spectrum of industries, including financial services, consumer packaged goods, retail, and e-commerce. Explorium’s CEO, Maor Shlomo, likened their mission to what search engines did for the internet, stating that they are revolutionizing machine learning data.

Explorium’s platform serves as a comprehensive repository for an organization’s data, bridging the gap between isolated internal data and thousands of external sources in real-time. Leveraging machine learning, it autonomously extracts, engineers, aggregates, and integrates the most pertinent data features to fuel advanced predictive algorithms. It evaluates hundreds of features, subsequently ranking and deploying the most effective ones.

For example, financial institutions and insurers can utilize Explorium to uncover predictive variables from a multitude of data sources, while retailers can employ it to forecast which customers are most likely to purchase specific products. Shlomo explained, “Just as a search engine scours the web and retrieves the most relevant answers for your query, Explorium scours data sources both within and outside your organization to generate the features that drive accurate models.”

Within the Explorium platform, data scientists have the flexibility to incorporate custom code to integrate domain knowledge and fine-tune AI models. Additionally, they have access to tools designed to unearth informative patterns from vast data collections.

Dovi Ollech, a founding partner at Emerge, praised Explorium’s vision, emphasizing how it empowers data scientists by sourcing relevant data from a multitude of sources at scale, thereby enhancing the robustness of AI models. Ollech stated, “Working with the team from the very early days made it clear that they have the deep expertise and ability required to deliver such a revolutionary data science platform.”

Explorium enters the competitive landscape of the emerging “auto ML” sector, where companies like Databricks, IBM, Microsoft, and Google are also making strides in automating aspects of AI model development.

Market research from IDC predicts that global spending on cognitive and AI systems will reach $77.6 billion in 2022, a substantial increase from the $24 billion in revenue generated the previous year. Gartner’s survey of business executives worldwide also reveals a significant uptick in AI implementation, with a 270% growth in the past four years and a 37% increase in the past year alone.