Deepchecks Announces $14 Million Seed Funding Led By Alpha Wave Ventures.
Deepchecks reveals its open-source tool for ongoing machine learning validation, backed by a $14M seed investment.
Funding Round Info:
Deepchecks has recently made public their continuous machine learning validation solution, alongside a $14 million seed funding round led by Alpha Wave Ventures, with contributions from Hetz Ventures and Grove Ventures. Philip Tannor, Deepchecks' co-founder and CEO, highlighted the current paradox in the industry where software is deployed and monitored without comprehensive and systematic pre-testing, a situation particularly prevalent in machine learning applications. Deepchecks aims to revolutionize this process by incorporating validation into every stage of the machine learning lifecycle, thereby enhancing model performance. The company has also launched a community-driven MLOps framework, as explained by co-founder and CTO Shir Chorev. This framework is designed to provide a transparent view of machine learning applications' performance throughout their lifecycle, from research to production. It is intended to be accessible and useful to a wide range of professionals, from data scientists and developers to C-level executives.
About Deepchecks:
Deepchecks, founded by Tannor and Chorev three years ago, has its roots in the founders' experiences. Both founders, who have been working together since they were 18, were listed in the Forbes 30 under 30 list. Their background includes time in the IDF's Talpiot program and the elite 8200 intelligence unit, where they gained experience in machine learning. The initial concept for Deepchecks was a traditional MLOps solution. However, the founders identified a need for a more scalable solution that could better serve data scientists and developers, leading them to adopt an open-source approach. Deepchecks' open-source solution allows users to customize and reuse components for comprehensive testing of machine learning models and datasets. These components have been developed over years and have been tested in production environments. The solution also includes monitoring and root cause analysis features for production environments, as well as a comprehensive user interface. Deepchecks has been downloaded over 500,000 times and is used by companies such as AWS, Booking.com, and Wix, as well as in regulated industries like finance and healthcare.
About Alpha Wave Ventures:
Alpha Wave Global is a multifaceted investment company that manages a variety of partnerships across different asset classes and geographies. The company's investment focus spans from venture and growth to public markets to credit. Their objective in private markets is to invest in best-in-class venture and growth-stage companies, aiming to be helpful, long-term partners to the founders. In public markets, they strive to create uncorrelated return streams focused on special situations, and in credit, they primarily seek to generate current income through originating or participating in private, senior secured, floating rate loans for companies looking for funding solutions. The company was founded in 2012 by Rick Gerson, Navroz Udwadia, and Ryan Khoury, and was originally named Falcon Edge Capital. Alpha Wave Global has a global presence with offices in New York, Miami, London, Monaco, Madrid, Abu Dhabi, Tel Aviv, Bangalore, Jakarta, and Sydney. Alpha Wave Global is also committed to environmental sustainability and is a carbon-neutral company. Their carbon footprint for the years 2019, 2020, and 2021 has been collated and offset by BeZero Carbon Ltd. Recent investments include Alto Neuroscience, Apnimed, and Cour Pharmaceuticals Development.
About Hetz Ventures:
Hetz Ventures is an early-stage investment firm that primarily focuses on Israeli seed and pre-seed startups. The company's investment interests span various sectors, including development tools, DevOps, open source, enterprise software, data, cybersecurity, and fintech. Hetz Ventures aims to be the first choice investor for ambitious early-stage Israeli startups. The firm prides itself on working harder, thinking smarter, and moving faster to grow in true partnership with its portfolio companies. This includes providing access to a global network of executive tech leadership, support in developing go-to-market strategies and product-market fit, and opportunities for follow-on capital from strong partners. The firm has led 85% of its rounds and currently has 30 portfolio companies. Hetz Ventures manages assets worth $300 million and has a track record of moving quickly, with an average of 20 days from the first meeting to signing. The firm's timeline includes the launch of the Hetz Executive Network in December 2022, the announcement of Fund III worth $123M in April 2022, and the closing of the Hetz Ventures Opportunity Fund worth $27M in March 2022. The firm also announced Fund II worth $77M in April 2020 and Fund I worth $55M in January 2018. Hetz Ventures is also committed to social impact, supporting causes and communities in Israel and beyond. The firm is based in Tel Aviv, Israel.
About Grove Ventures:
Grove Ventures is a leading early-stage venture capital investment firm based in Israel. The firm manages over half a billion dollars and primarily partners with exceptional Israeli entrepreneurs who are focused on shaping the future through disruptive innovation. Grove Ventures believes that the "Deep Future" is now and is ready to build it. The firm is home to visionary Israeli founders with extensive domain knowledge. Their investment strategy is rooted in the conviction that disruptive innovation will shape the future across multiple sectors, laying the foundation for a hyper-digitalized era. Grove Ventures prides itself on being a value creator. They partner with exceptional founders and provide constant support for startups to become great companies. The firm offers business advice, helps build networks, assists with fundraising, attracts top talent, and aids in establishing marketing, customer, and partnership strategies. The firm also boasts a strong network, putting people first and maintaining strong relationships with some of the world's largest corporations, leading global investors, and top talents. They leverage these connections to foster rapid growth for their portfolio companies and ensure they become market leaders.