Data analytics platform SigOpt has added Stanford University to its list of shareholders as part of a $6.6m series A round led by Andreessen Horowitz.
Stanford University participated in a $6.6m series A round yesterday for US-based Bayesian optimisation technology developer SigOpt.
The round was led by VC firm Andreessen Horowitz and further included Data Collective, SV Angel and Blumberg Capital.
SigOpt has created a platform that relies on Bayesian statistics to help data scientists and machine learning engineers optimise their models, improving accuracy and reducing trial and error.
The technology is targeted at a range of sectors including banking and algorithmic trading, insurance, data science and consumer packaged goods. SigOpt’s clients include beverage joint venture MillerCoors, pharmaceutical firm Johnson & Johnson and insurance provider Prudential.
The cash injection will allow SigOpt to drive recruitment and further develop its platform.
Andreessen Horowitz and Data Collective previously co-led a $2m seed round in June 2015.
Scott Clark, chief executive of SigOpt, wrote in a blog post announcing the series A round: “The attention we received from investors during this round was humbling and encouraging, and we are thrilled with our growing team that believes in our vision.
“We are also proud of the customer traction and product leadership that we’ve been able to achieve, but we won’t stop here. This round is going to help us execute for our existing customers and grow our business, build our team, and drive product innovation to bring us closer to our vision of optimizing everything.”
