Devron, a pioneering data science software company, has raised $12 million in an oversubscribed Series A financing round, led by leading investment firm Tiger Global and with participation from existing investors FinTech Collective, Afore Capital, and Essence Venture Capital. The company will use the funds to accelerate adoption of its innovative machine learning platform that enables businesses and governments to extract actionable insights from enterprise-wide, distributed data.
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“Devron’s technology has the potential to alter the data science and AI landscape,” said John Curtius, Partner at Tiger Global. “We are impressed with what Devron has accomplished in a short period of time and its ability to enable companies to efficiently and effectively derive greater value from more of their data.”
The Devron platform sets a new industry standard by allowing clients to unlock more data faster, wherever it resides. Traditional data science and AI development depend on copying or moving data to a single location, which can be costly, risky, time-consuming and limited by privacy and regulatory constraints. As a result, significant enterprise data remains beyond reach, limiting the effectiveness and return on investment of AI initiatives.
Devron alleviates this issue by enabling businesses to quickly access and organize structured and unstructured data such as images, by bringing the algorithms to the data to enable accurate analysis. This eliminates the need for data extract or movement as a predicate to actual data analysis. Through federated machine learning, Devron allows users to process vast amounts of data concurrently, while ensuring that confidential information remains protected and untouched.
ABOUT DEVRON
Devron is a leading data science and machine learning platform company that enables innovation by exploiting data synergies that would otherwise be overlooked. It does this by unlocking trapped value and exposing hidden business insights without compromising data privacy through its innovative machine learning platform. The platform, which enables data scientists to keep their datasets where they reside without having to duplicate and centralize, is backed by a consortium of institutional investors, led by Tiger Global and including FinTech Collective,