Domino Data Lab lands $43 million in funding, launches model monitoring tool

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Managing AI and ML in the Enterprise

The AI and ML deployments are well underway, but for CXOs the biggest issue will be managing these initiatives, and figuring out where the data science team fits in and what algorithms to buy versus build.

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Domino Data Lab has raised $43 million in a new funding round and launched a new machine learning monitoring offering as the company aims to gain more traction for its enterprise data science platform.

The company's $43 million round was led by Highland Capital Partners and brings Domino Data Lab's total funding to $128 million. Dell Technologies Capital also participated in the round as Dell remains a customer.

As for the new product launch, Domino Model Monitor aims to curb model drift and accuracy over time. Model drift has become more of an issue during the COVID-19 pandemic since economic and behavioral models are in flux. Domino Data Lab counts Topdanmark and other Fortune 100 companies as customers.

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Managing data science, artificial intelligence, and machine learning operations have become an increasingly hot space. Domino's Enterprise Data Science Management Platform also added features including:

• One-click Spark clusters for distributed analysis within Domino. Data scientists can choose clusters and Domino will distribute them and handle DevOps issues.
• Project management tools to track data science deliverables, progress, goals, and lifecycle.
• More Kubernetes distribution support as well as cloud options. Domino can now use Microsoft Azure Kubernetes service to round out its roster of cloud partners. The company also supports Amazon Elastic Kubernetes Service, Google Cloud Kubernetes, and VMware Pivotal Container Service as well as open-source Rancher. 

Here's a look at the Domino stack: