Enterprise feature store provider Molecula recently announced $17.6 million in Series A funding according to a press release on the company’s website. The round, which was led by Drive Capital with participation from TTV Capital and existing investors brings Molecula’s total raised to $23.6 million since its founding in 2019. The funding will be used to hasten the launch of Molecula Cloud and scale the vendor’s sales and marketing efforts.
Molecula offers a commercial version of the open-source data format Pilosa, which touts a cloud-agnostic and compute-ready data layer for advanced analytics and AI. Data engineers and data scientists can use this system continuously to extract and update features into a centralized feature store. The feature store, according to Molecula can reduce the data footprint “by 60-90 percent” and provides a secure data format for sharing.
The company adds “As an overlay to conventional systems, feature stores are easily adaptable, outperform traditional data-oriented approaches, and significantly reduce complexity, costs, and risk.” Molecula’s key industries serviced include life sciences, healthcare, and financial services. An early customer of Molecula’s cloud solution is a multiplayer online gaming network called Subspace.
In a media statement about the news, Molecula CEO Higinio Maycotte said “The feature store is emerging as the most transformative category in the data space because it automates the preparation of data for machine-scale analytics and AI. Molecula takes the feature store one step further, by bridging the entire spectrum from data readiness to MLOps, making your most important data instantly computable.”
Learn more about Molecula’s products or register for the Data Engineers: In a Complex Data Stack, Simplicity Matters webinar on February 9th.