Tecton Reports Record Demand for Its Machine Learning Feature Platform as It Raises $100 Million in Funding Led by Kleiner Perkins With Participation…

SAN FRANCISCO, July 12, 2022 (GLOBE NEWSWIRE) -- Tecton, the leading ML feature platform company, today announced record demand for its platform and Feast, the most popular open source feature store:

"We believe that any company should be able to develop reliable operational ML applications and easily adopt real-time capabilities no matter the use case at hand or the engineering resources on staff. This new funding will help us further build and strengthen both Tectons feature platform for ML and the Feast open source feature store, enabling organizations of all sizes to build and deploy automated MLinto live, customer-facing applications and business processes, quickly and at scale, said Mike Del Balso, co-founder and CEO of Tecton.

Tecton was founded by the creators of Ubers Michelangelo platform to make world-class ML accessible to every company. Tecton is a fully-managed ML feature platform that orchestrates the complete lifecycle of features, from transformation to online serving, with enterprise-grade SLAs. The platform enables ML engineers and data scientists to automate the transformation of raw data, generate training data sets and serve features for online inference at scale. Whether organizations are building batch pipelines or already including real-time features in their ML initiatives, Tecton solves the many data and engineering hurdles that keep development times painfully high and, in many cases, preventing predictive applications from ever reaching production at all.

4 Components of Tectons Feature Platform

Major Company Milestones2020:

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Tecton Raises $100 Million in Series C FundingToday Tecton also announced that it has raised $100 million in Series C funding bringing the total raised to $160 million. This round was led by new investor Kleiner Perkins with participation from strategic investors Databricks and Snowflake Ventures, previous investors Andreessen Horowitz and Sequoia Capital and new investors Bain Capital Ventures and Tiger Global. Tecton plans to use the money to further deliver on customer value and to scale both engineering and go-to-market teams.

We expect the software we use today to be highly personalized and intelligent. While ML makes this possible, it remains far from reality as the enabling infrastructure is prohibitively difficult to build for all but the most advanced companies, said Bucky Moore, partner, Kleiner Perkins. Tecton makes this infrastructure accessible to any team, enabling them to build ML apps faster. As this continues to accelerate their growth trajectory, we are proud to partner with Mike, Kevin and team to pioneer and lead this exciting new space.

The investment in Tecton is a natural fit for Databricks Ventures as we look to extend the lakehouse ecosystem with best-in-class solutions and support companies that align with our mission to simplify and democratize data and AI, said Andrew Ferguson, Head of Databricks Ventures. We're excited to deepen our partnership with the Tecton team and look forward to delivering continued innovation for our joint customers.

Together, Tecton and Snowflake enable data teams to securely and reliably store, process and manage the complete lifecycle of ML features for production in Snowflake, making it easier for users across data science, engineering and analyst teams to collaborate and work from a single source of data truth, said Stefan Williams, VP Corporate Development and Snowflake Ventures at Snowflake. This investment expands our partnership and is the latest example of Snowflakes commitment to helping our customers effortlessly get the most value from their data.

Additional Resources

About TectonTectons mission is to make world-class ML accessible to every company. Tectons feature platform for ML enables data scientists to turn raw data into production-ready features, the predictive signals that feed ML models. The founders created the Uber Michelangelo ML platform, and the team has extensive experience building data systems for industry leaders like Google, Facebook, Airbnb and Uber. Tecton is backed by Andreessen Horowitz, Bain Capital Ventures, Kleiner Perkins, Sequoia Capital and Tiger Global as well as by strategic investors Databricks and Snowflake Ventures. Tecton is the main contributor and committer of Feast, the leading open source feature store. For more information, visit https://www.tecton.ai or follow @tectonAI.

Media and Analyst Contact:Amber Rowlandamber@therowlandagency.com+1-650-814-4560

[1] Gartner, Cool Vendors in Enterprise AI Operationalization and Engineering, Chirag Dekate, Farhan Choudhary, Soyeb Barot, Erick Brethenoux, Arun Chandrasekaran, Robert Thanaraj, Georgia O'Callaghan, 27 April 2021 (report available to Gartner subscribers here: https://www.gartner.com/doc/4001037)

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Tecton Reports Record Demand for Its Machine Learning Feature Platform as It Raises $100 Million in Funding Led by Kleiner Perkins With Participation...