RealityEngines.AI is a machine learning startup. Bindu Reddy co-founded it. He is also a former AWS and Google exec. Today, Reddy and RealityEngines.AI announced that the startup is rebranding itself as Abacus.AI. Moreover, they will launch its free artificial intelligence service for general availability.
Today, the company also disclosed that it had raised a $13 million Series A round led by Index Ventures’ Mike Volpi. He will also be joining the board of the company. Seed investors Ram Shriram, Eric Schmidt, and Jerry Yang also participated in this oversubscribed round. Of course, Shriram will also be joining. The list of new investors includes Jeannette Furstenberg, Xuezhao Lan, Neha Narkhede, Erica Shultz, and Mariam Naficy, and Decibel Partners.
That new round will bring the company’s total funding to $18.25.
The mission of Abacus.AI is to help businesses implement modern deep learning systems into their business processes and customer experience without having to do the heavy lifting of learning how to train models themselves. Instead, Abacus takes care of the model training and data pipelines for them.
The company has been working with 1,200 beta testers. In recent months, the team mostly focused not just on helping business build their models. They also help put them into production. The current customers include Prodege, DailyLook, Flex, and 1-800-Flowers.
Reddy told TechCrunch that his guess would be that out of a hundred projects which start in machine learning, 1% succeed because of so many moving parts. Thus, it would help if you built a model. Aferward, you must have to test it in production. Then, it would be best if you made pipelines of data and put in training pipelines. Thus, over the last few weeks, they have added a whole bunch of features. This was to enable putting those features to go into production more smoothly – and they are continuing adding to it.
Let us see how successful the startup will be.
- Trading Instrument