With UK expansion plans, Logical Clocks behind Hopsworks bags £4.2M funding

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This post was originally published by Staff Reporter at UKTN

Stockholm-based Logical Clocks is best known for its world’s first Enterprise and open-source Feature Store with an end-to-end machine learning platform. Now, the company has picked up €5 million (nearly £4.2 million) in a Series A investment round.

UK expansion plans

The investment round was led by Industrifonden alongside participation from Inventure. Proceeds. The funds will be used to expand the company’s commercial operations and footprint, particularly in the US market. Also, with the investment, Logical Clocks intends to grow its team in London to consolidate its expansion to the UK.

“Too many companies working with AI struggle with disconnected teams and poor data quality that prevent or delay the development of AI applications. Hopsworks Feature Store manages data for AI, making it simpler, faster, and cheaper to move models to production. We’ve built the platform on the principle of being open, allowing teams to use their tools, cloud, and data center of choice. We are happy to partner with experienced investors that see the same opportunities as us,” commented Jim Dowling, CEO and Co-founder at Logical Clocks.

“Industrifonden is proud to support Logical Clocks and are very impressed with its groundbreaking technology. The company’s strong research foundation, advanced technical skills, and deep customer knowledge stood out during our conversations. We anticipate that Hopsworks will continue leading and transforming how organizations manage their entire data lifecycle and machine learning pipelines, and are excited to partner with them on this mission,” said Rebecka Rydå, Investment Director at Industrifonden.

“We identified Hopsworks’ potential three years ago when the feature store space was undeveloped, and we are thrilled to witness the company’s technological development and business growth. Artificial Intelligence is a blossoming sector and Hopsworks stands out as the most advanced and highest performance Feature Store available today,” said Timo Tirkkonen, co-founder and partner of Inventure.

Makes machine learning easy for companies

Founded in 2016 by Jim Dowling, the company has offices in Stockholm, London, and Palo Alto. It has set out to make machine learning easy for every company by providing tools for data scientists and engineers to manage features and develop/deploy models in production.

Logical Clocks is the company behind Hopsworks Feature Store. Hopsworks provides a centralised Machine Learning platform with the most advanced and complete Feature Store enabling organisations to manage models with low latency access to data spanning the whole organisation.

Hopsworks is available as a managed platform on AWS and Azure as well as a self-managed version that can be deployed on any data center. The Machine Learning platform offers two products – an open-source version that targets individuals or small organisations, and an Enterprise version that provides advanced security features to support organisations in building production machine learning applications at scale.

With Hopsworks, companies can easily deploy real-time calculated data, govern models with refined data provenance, and increase effectiveness and collaboration across data and ML teams. Already, it is running in production at industry-leading companies, including PaddyPower-Betfair, Getinge, and Swedbank.

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This post was originally published by Staff Reporter at UKTN

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