Stockholm, June 29, 2023 (GLOBE NEWSWIRE) --
Hopsworks, the company behind the world’s first Enterprise and open-source Feature Store for AI, announced today a $6.5M investment, led by Vendep with participation from Inventure and Industrifonden. Proceeds from the financing round will be used to expand the company's commercial operations and footprint, particularly in the US market, as well as to further expand its technological lead.
“While AI adoption has been ongoing in enterprises for some time, we are now at the tipping point where the widespread non-coordinated usage is causing overlapping work, slowness, and other inefficiencies”, says Sami Ahvenniemi, General Partner at Vendep. “Hopsworks enables enterprises to continue to reap AI & ML benefits while shortening development time and lowering overall costs of ML projects. We are proud to join Hopsworks and help them further build on their lead in the feature store market.”
Lars Nordwall, former President and COO at Neo4j, joined Hopsworks as the Chair of the Board of Directors March 2022. Lars previously led Neo4j’s go-to-market from Silicon Valley for 12 years building the graph database company from 8 to 850 employees and valuation of $2.5B. In conjunction with the Hopsworks’ financing round, Lars assumes the position of Executive Chair to more actively advise the company’s leadership team on accelerating the go-to-market strategy.
“Hopsworks is very well positioned with an advanced machine learning platform, a top notch engineering team based in Stockholm, and early enterprise customer traction validating product maturity and customer demand. I am excited about the growth opportunity and ability to make an impact on such an excellent company.” says Lars Nordwall, Executive Chair of the Board of Directors at Hopsworks.
Hopsworks is an operational AI platform that centralizes and governs the data used in AI models and enables real-time AI. It brings together the data, models, and people who build AI systems, enabling higher performance AI to be productionized faster. Hopsworks brings significant efficiencies for machine learning for industry leading customers such as American-First Credit Union, PaddyPower-Betfair, and the Swedish Public Employment Service. Hopsworks is available as a managed platform on AWS, GCP, and Azure, a self-managed version that can be deployed on any data center, and as a serverless feature store at app.hopsworks.ai.
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Hopsworks is the Operational AI Platform company that builds Hopsworks, the world’s first Enterprise Feature Store for Machine Learning. With offices in Stockholm, London and Palo Alto, Hopsworks has set out to make machine learning easy for every company, providing tools for data scientists and engineers to manage features and develop/deploy models in production. For more information, visit www.hopsworks.ai.
About Vendep
Vendep Capital is a B2B SaaS specialist VC operating in the Nordics and Baltics. We invest in the best early-stage software entrepreneurs. Our brilliant founders leverage Vendep’s extensive SaaS expertise and global networks to expedite growth of their business. For more information, visit www.vendep.com.
