VC-backed DataRobot to invest $11m in Singapore AI
DataRobot, a US-based start-up backed by a number of VCs including Intel Capital, has committed about $11 million to an artificial intelligence (AI) program in Singapore.
The company will establish its regional headquarters in Singapore with a new R&D facility. It aims to expand its existing staff in the country from 10 to 50 over the next two years.
"We see Asia-Pacific as a key growth market," Jeremy Achin, CEO and co-founder of DataRobot, said, according to The Straits Times. "The future is in AI, and we believe Singapore can be the regional center of this brave new world."
Founded in 2012, DataRobot offers a machine learning platform for data scientists with a view to speeding up the deployment of predictive analytics products. The company targets corporate clients across sectors including healthcare, finance and energy. It established a sales office in Singapore in 2014.
New Enterprise Associates led a $33 million Series B round for the company last year, following a $21 million Series A in 2014 that included participation from IA Ventures and Accomplice. Previous backers also include Recruit Strategic Partners and Techstars.
DataRobot is expected to leverage AI support related to the Singapore government's expansive smart city program. Earlier this year, the country's National Research Foundation agreed to invest about $107 million over five years in AI Singapore, a program established in part by the Smart Nation & Digital Government office.
Recent venture investment in the local AI space includes a S$8 million ($6 million) Series A for Taiger led by Tembusu Partners.
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