KNIME Raises Additional $30M in Funding from Invus to Accelerate Data Science and AI Innovation
KNIME, a leading open-source data science and AI company, has received an additional $30M in funding from its long-standing investor Invus. This brings the total funding to $50M, allowing KNIME to double down on the development of its enterprise-grade AI governance and ModelOps capabilities while staying ahead of the rapid innovation in the field.
Growth and Impact
Since 2017, KNIME has grown its revenue to €30M, with a growth rate of 30-40% per year. The company now serves nearly 400 customers worldwide, with a team of 250 employees. Its user base includes nearly half a million people, making it the largest low-code data science community in the world. KNIME’s customers come from a wide range of industries and regions, including ASML, Audi, AMD, Lilly, Novartis, Bayer, Sanofi, Genentech, the FDA, P&G, Mercedes-Benz, and others. The company has also achieved ISO 27001 certification, meeting the highest global information security standards for enterprises and demonstrating its commitment to protecting user data.
Open-Source Advantage
KNIME’s open-source approach removes virtually all barriers to entry, while keeping the platform adaptive to the needs of a rapidly evolving market. "With our open-source community, we are able to provide KNIME users with intuitive access to a wealth of state-of-the-art techniques," says Michael Berthold, co-founder and CEO of KNIME.
Investment and Future Plans
The investment comes at a pivotal moment as organizations face mounting pressure to minimize the risks associated with GenAI while maximizing its impact. KNIME’s comprehensive revamp of its core components answers this need. The company’s Analytics Platform is now cloud- and browser-ready, with a new UX/UI that speeds up the learning curve for beginners and improves productivity for advanced users. The platform also includes K-AI, an AI assistant that helps users get started or add advanced functionality to their data projects. The commercial enterprise-grade KNIME Business Hub has been re-engineered to facilitate automation, collaboration, deployment, and governance of analytical and AI models. Additionally, KNIME introduced a SaaS offering, the Team Plan for KNIME Community Hub, enabling small organizations to automate their workflows with a flexible pay-as-you-go plan.
Conclusion
Given the traction KNIME is experiencing in a booming market, the company has decided to take on additional funding to answer the growing demand for its end-to-end data science and AI platform. This is an incredible opportunity to accelerate data-driven innovation for the community, leveraging the drastic developments happening in the field.
FAQs
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Who is KNIME?
KNIME is a leading open-source data science and AI company. -
What is the purpose of the additional funding?
The additional funding will be used to accelerate the development of KNIME’s enterprise-grade AI governance and ModelOps capabilities. -
What are the key benefits of KNIME’s platform?
The platform provides intuitive access to a wealth of state-of-the-art techniques, removes barriers to entry, and is adaptive to the needs of a rapidly evolving market. -
What is the significance of the investment?
The investment is significant as it allows KNIME to stay ahead of the rapid innovation in the field and address the growing demand for its platform. - What is the future plan for KNIME?
The company plans to continue to accelerate data-driven innovation for its community, leveraging the drastic developments happening in the field.
