Startup raises €1.25m to help enterprises transform data into intelligence
As enterprises expand, datasets grow and become more complex. As a result, many companies struggle to understand and monetise their data assets.
A Swedish enterprise big data startup is attempting to solve this using artificial intelligence (AI). Logical Clocks, the enterprise vendor for an open-source big data platform, has raised a massive €1.25 million in order to do so.
Accelerating innovation in data management
Logical Clocks provides enterprise support for Hopsworks Enterprise, a platform for data science and AI. The on-premise data management platform combines the world's fastest Hadoop with scale-out deep learning on GPU clusters.
Users can also integrate open source distributed processing frameworks such as Apache Spark, TensorFlow, and Kafka. The technology enables companies to "structure and refine their data in order to fuel their AI effort."
The funding round was led by Timo Tirkkonen of Inventure, who is now chairman of the board. He insisted that “Hopsworks is a continuation of Scandinavia's history of producing transformative computing platforms this time for Big Data and AI."
Tirkkonen added that the funding "will scale engineering to accelerate innovation, while keeping the focus on building out the customer base.” Jim Dowling, CEO of Logical Clocks also said that the company aims to "help enterprises transform their data into intelligence, whether that data is on-premises or in the cloud."
Using AI to transform data management in the enterprise
Logical Clocks is not the first startup to use AI in enterprise data management. Another startup, Promethium, is developing solutions that “enable enterprises to extract the most value from its data assets with minimal resources.”
A seed round investment of $2.5 million will fund the commercialisation of Promethium's context automation platform. As well as reducing time and labour for data analytics, the platform automates data governance in compliance with GDPR.
Enterprise data protection vendor Veritas has also introduced a new tool to manage data in the enterprise. Veritas Predictive Insights uses AI algorithms to provide operational support before problems even occur.
The innovation doesn't stop there. The UK Defence Science and Technology Laboratory (Dstl) is also looking at how AI can be used to sort mass quantities of data in a new project.
The technology is able to find “a needle in a haystack,” according to some experts. If they succeed, enterprises could benefit from far more complex data processors in the near future.