NEWS10 August 2018

Domino Data Lab raises $40m in funding

Data analytics News North America Technology

US – Open data science platform Domino Data Lab has secured $40m in funding in a round led by Sequoia Capital and Coatue Management.

Founded in 2013, Domino’s software-as-a-service platform is used by data scientists to integrate data science models within business processes. Clients include Dell, Monsanto, EasyJet and Lloyds Banking Group.

The company says its latest investment, which brings its total raised to $81.2m, will help it to develop further products, hire more staff and expand internationally.  

Nick Elprin, co-founder and chief executive of Domino Data Lab, said: "The strong backing from Sequoia and Coatue amplifies our ability to help our customers improve their models, whether that lets them increase crop yields, reduce fraud, invent new medicine, or simply recommend the best meal to order."

Bryan Schreier, partner at Sequoia, said: "We jumped at the opportunity to double down on Domino based on its effusive customer base and the massive market opportunity for model management."