Last year was a time of excitement in the machine learning arena as a growing number of startups closed huge funding rounds in 2022.
Emerging companies have implemented machine learning solutions to solve administrative and operational hurdles businesses encounter every day.
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While many machine learning products remain conceptual, machine learning tools are increasingly being adopted by companies worldwide.
A number of machine learning companies entered their fourth or even fifth series of funding deals in 2022 and we are starting to see more tangible products, driven by machine learning algorithms, enter the market.
With that in mind, let’s look at the 10 biggest funding rounds achieved in the machine learning space in 2022, according to research firm GlobalData.
Harness raises $230m in Series D round
Harness is the company behind a software delivery platform. It secured a $230m Series D round in April 2022. The round included $175m in equity and $55m in debt financing.
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By GlobalDataNorwest Venture Partners led the Series D round. Other investors backing the raise included J.P. Morgan, Capital One Ventures, Splunk Ventures, Adage Capital Partners, Balyasny Asset Management, Gaingels, Harmonic Growth Partners, ServiceNow, Menlo Ventures, IVP, Unusual Ventures, Citi Ventures, Battery Ventures, Alkeon Capital, GV, Sorenson Capital, Thomvest Ventures and Silicon Valley Bank.
Harness said it would use the new funding recruit more talent and further expand the Harness Software Delivery Platform.
“In today’s software-fueled economy, enterprises rely on their software development teams to innovate quickly,” Jyoti Bansal, Harness CEO and co-founder, said at the time.
“We will continue to provide developer teams with the complete software delivery solution they need to deliver innovative, secure software at scale while delivering the developer experience leading teams require.”
Inflection AI secures $225m in April
The second largest funding deal of 2022 in the machine learning space was achieved by AI Lab, Inflection AI.
The company is led by the co-founders behind DeepMind and LinkedIn, Mustafa Suleyman and Reid Hoffman.
The co-founders pedigree has helped drum up a lot of buzz around the startup, which goes some way to explain how it secured $225m in a capital raise in April, despite having only been founded months earlier.
Neither its valuation following the raise nor its investors were disclosed, according to CNBC.
Inflection AI hopes to improve human-computer interaction allowing computers to understand commonly used human language rather than the dumbed-down version we tend to use with tech.
With this ambitious promise, however, comes a poorly defined final product, what Inflection AI actually manages to create remains to be seen but it is undoubtedly a time of development for the company.
Synthego raises $200m in series-E financing
Medical AI developers Synthego acquired $200m in funding in a deal in 2022. New investors like SoftBank Vision Fund 2, Declaration Partners, Laurion Capital Management, Logos Capital, GigaFund and Chimera Abu Dhabi participated in the raise alongside previous investors.
The company promised to develop what they refer to as a “cell and gene therapy discovery and development ecosystem” to support healthcare patients. This will sit alongside its Halo and Eclipse research and development platforms.
Automation anywhere secures Silicon Valley Bank funding
Machine learning startup Automation Anywhere raised $200m in a deal in October 2022.
The company claimed to already be at the forefront of Robotic Process Automation and that it would use the cash injection to fund the development of a cloud platform.
Investors backing the deal included SVB capital and Hercules capital, alongside Silicon Valley Bank. The funding will be used to facilitate significant economic growth in the company.
Automation Anywhere seeks to meet the demand of companies looking to boost their automation budgets.
The company builds software that tracks the way employees of a company work, notices patterns and then automates certain tasks, such as moving information from one database to another.
Streamlining these repetitive tasks grants businesses time to perform other tasks which require human involvement.
Dataiku bags $200m in Series F
Dataiku secured a $00m Series-F funding round in December. Wellington Management led the raise, which pushed Dataiku’s valuation passed the $3.7bn.
“Dataiku’s proven track record, management team, growth trajectory, and customer roster, positions the company to scale AI to new heights,” Matt Witheiler, consumer and technology sector lead at Wellington Management, said.
“We are pleased to partner and contribute to their impressive journey. Dataiku has taken a leadership position helping enterprises put massive datasets to work at unprecedented speed and creating a culture of AI focused on delivering compounding business results.”
Dataiku would use the capital to further its Everyday AI platform. The platform offered by Everyday AI is sold to businesses to help them to manage data handling.
This most recent funding round takes Everyday AI’s total funding to around $600m additionally a number of businesses are already using their software to optimise processes.
Astera Labs closes $150m in funding round
Machine learning company Astera Labs completed a $150m Series D venture funding deal in November 2022. The scaleup would use the money to expand its board of directors and keep developing its product line.
Fidelity Management and Research led the raise, which pushed Astera Labs’ valuation to $3.12bn.
“This latest funding round is a testament that we are not only invested in the right growth markets such as cloud, artificial intelligence [and] machine learning, and hyperscale infrastructure, but that we are also able to consistently execute and deliver breakthrough connectivity products that are critical to our customers and partners,” Jitendra Mohan, CEO of Astera Labs, said in a statement.
Flock Safety bags $150m in Series E
Flock sSafety bagged $150m in a Series E round in February 2022. Tiger Global led the raise.
Other investors backing the raise included 776 and Spark Capital, a16z, Bedrock, Matrix, Meritech and Initialized.
The round brought Flock Safety’s total funding raised to date to over $380m.
Flock Safety aims to solve and detect crime. It produces small security cameras for use in neighbourhood and police settings. The cameras can register number plates as vehicles drive away as well as other details following instances of crime.
Coralogix secured $142m in a Series D round
The Israel-based startup Coralogix secured $142m in a Series D funding round in 2022.
StageOne Ventures, Red Dot Capital Partners, Brighton Park Capital, Joule Ventures, Advent International, REVAIA, Maor Investments, O.G. Tech Ventures and Greenfield Partners backed the raise, according to GlobalData.
The company’s log analytics platform, entitled Strema, enables IT teams to monitor and analyse the data that is produced by their software. Coralogix employs machine learning to streamline delivery and maintenance processes for software providers.
Salt Security in February
US-based cybersecurity startup Salt Security secured $140m in February last year. CapitalG, Alphabet’s independent growth fund, led the raise.
The startup provides an application programming interface (AP1) protection platform. APIs allow applications to respond to each other. Salt Security’s software is designed to protect web, mobile and SaaS applications from API attacks.
“Our investment in Salt Security comes at a time of critical importance for the wider business community,” James Luo, partner at CapitalG and Salt Security board member, said in a statement.
“APIs are essential to enabling business innovation, but security risks are multiplying at an unprecedented scope and scale. Salt took an innovative, best-in-class approach to building its API security platform leveraging cloud-scale big data, allowing it to effectively detect and stop attacks in the wild while not compromising on strong shift left capabilities.”
Athelas secures $132m in January
Deep learning startup Athelas bagged a $132m funding round in January last year, which pushed its valuation past the $1.5bn mark, putting it squarely into the unicorn club.
Investors General Catalyst and Tribe Capital led two separate rounds that Athelas announced at the same time.
The combined machine learning deal also enjoyed an influx of capital from Sequoia Capital, YCombinator, Greenoaks, Human Capital, and Initialized Capital.
Athelas’ platform is used to assist in the daily workflows of doctors and other healthcare professionals. Part of their healthcare modernisation strategy includes rapid blood diagnostics and immune monitoring platform for chemotherapy patients.
GlobalData is the parent company of Verdict and its sister publication.
