Domino Data Lab Announces New ML Model Monitoring Product, $43M in New Funding, and Innovations to its Enterprise Data Science Management Platform
SAN FRANCISCO–(BUSINESS WIRE)–Domino Data Lab, provider of the industry-leading enterprise data science management platform trusted by 20% of the Fortune 100, today debuted its new Domino Model Monitor product (“DMM”), a new $43M funding round, and new features to help enterprises accelerate research and manage data science at scale.
Domino Model Monitor: ML predictions evolve with time as data in the world changes. This problem, known as “drift”, can degrade model accuracy, often going unnoticed until it negatively impacts business outcomes. Model drift is particularly troublesome since COVID-19, given the drastic changes to the economic environment and human behavior. Domino Model Monitoring (DMM) lets organizations automate alerts for drift in all their models, regardless of where those models were developed or deployed, reducing risk of financial loss and degraded customer experience from undetected model drift.
“We run models in production where data drift critically impacts the predictions of those models,” said Søren Pedersen, data scientist at Topdanmark. “We need to know what has drifted and by how much. Having an automated tool to monitor this drift against the training data is very important; Domino Model Monitor will save us significant time previously spent on maintenance and investigation.”
New $43M Funding round: Today’s DMM introduction comes as the company also announced its latest funding round of $43M led by Highland Capital Partners, bringing the total amount raised to $128M. This round was joined by Highland Europe, and long-time customer and partner Dell Technologies’ investment arm, Dell Technologies Capital, as well as existing investors Sequoia Capital and Coatue Management.
“We were absolutely blown away by Domino’s traction in the Fortune 500 and the glowing endorsements we heard directly when we spoke to their customers,” said Corey Mulloy, general partner, Highland Capital Partners. “In a space with so much hype and noise, it’s clear Domino is creating material value for the world’s most sophisticated enterprises.”
“Enterprises continue to leverage data science to transform every aspect of their business, from customer support and engagement, to product development and research, to IT systems and operations management,” said Daniel Docter, managing director, Dell Technologies Capital. “Domino’s open data science platform provides support for preferred languages, tools, and frameworks, and quick access to any infrastructure for reproducible and transparent model creation and deployment. We’re excited to welcome Domino Data Lab to our growing portfolio of innovative AI and machine learning investments.”
Innovations Introduced in Domino’s Enterprise Data Science Management Platform:
Domino’s use by the Fortune 500 has increased since COVID-19, as enterprises such as Dell Technologies, Allstate, VMware, and Bristol-Myers Squibb have deepened their AI and machine learning investments.
“Our teams are tasked with enhancing operations and improving the way we deliver customer support and services,” said Mike Shepherd, distinguished engineer, AI Research for Dell Technologies Services. “By leveraging data science methods and collaboration tools, such as Domino Data Lab’s data science platform, we’re developing frameworks that augment intelligence and create unique user experiences while better managing operations on the backend – including forecasting spare part demand, preventing outages and more.”
Domino’s new release brings new functionality to the market:
- On-Demand Spark clusters – Data scientists can now, with one click, spin up their own Spark clusters to use for distributed analysis in Domino. Data scientists can choose the cluster size they need, and Domino handles the distribution of packages and dependencies across the cluster—removing a common DevOps problem and maintaining a unified platform for all data science work. This expands on Domino’s open architecture, allowing data scientists to use the tools they prefer, and allowing enterprises to unify all research workloads in a single platform.
- Data science project management – Data science research is inherently experimental, and demands novel techniques for managing progress and projects. Domino’s new data science project management capabilities give data science teams and leaders powerful new ways to manage projects and track progress, including defining custom Goals, customizing Stages in a company’s data science lifecycle, and providing dashboards that create visibility into in-flight work, progress, and risks.
- Additional Kubernetes distributions and multi-tenant support – Domino can now take advantage of intelligent Kubernetes orchestration with Microsoft Azure Kubernetes Service (AKS) – building on Domino’s existing support for open source Rancher, Amazon Elastic Kubernetes Service (EKS), Google Cloud Kubernetes (GKE), and VMware Pivotal Container Service (PKS). These Kubernetes (“K8s”) flavors are important as they give IT options when it comes to deploying to the infrastructure of their choice, from public clouds, like AWS or Azure, to their own on-premises hardware. This is increasingly important as IT organizations are looking to maximize utilization and flexibility while avoiding vendor lock-in.
“As the world’s most sophisticated companies are increasingly investing in data science as a competitive advantage, it’s clear they need new capabilities to manage their models and scale their research,” said Nick Elprin, co-founder and CEO of Domino Data Lab. “We’re proud that our new product capabilities are helping companies like Bristol-Myers Squibb, Lockheed Martin, and Bayer to accelerate research, deploy models, and now monitor those models at scale. And this latest funding will let us accelerate development of more innovative products for our customers.”
Existing Domino customers can upgrade to this new release immediately. New users who would like to try Domino can do so at dominodatalab.com/try.
About Domino Data Lab
Domino Data Lab empowers data science teams with the leading, open data science platform that enables enterprises to manage and scale data science with discipline and maturity. Model-driven companies including Allstate, Dell Technologies, and Bayer use Domino as a data science system of record to accelerate breakthrough research, increase collaboration, and rapidly deliver high-impact models. Founded in 2013 and based in San Francisco, Domino is backed by Sequoia Capital, Coatue, Bloomberg Beta, Dell Technologies Capital, Highland Capital Partners, and Zetta Venture Partners. For more information, visit dominodatalab.com.
Tina Shibue, Communications