Zurich-based KNIME, an open-source data science and AI company, has raised additional funding of $30 million from Invus, which backed Convergent Therapeutics and Booster. With this, the total funding accounts for $50 million.
Funds utilisation
This investment will allow KNIME, the only open-source, low-code data science company on the market, to double down on development of its enterprise-grade AI governance and ModelOps capabilities, while continuing to stay ahead of the rapid innovation in the field.
Mario Kaloustian, Managing Director at Invus, commented: “KNIME enables fast, widespread data science and AI adoption, with centralised governance and ModelOps capabilities. This model answers the key question for the C-suite of every company: How do we accelerate innovation with GenAI while managing associated risks? Invus has proudly accompanied KNIME since 2017 and is thrilled to continue doing so.”
What change does it bring?
Currently, organisations face mounting pressure to minimise the risks associated with GenAI, while maximising its impact. The comprehensive revamp of both core components of the KNIME offering answers this need.
KNIME Analytics Platform is now cloud- and browser-ready and benefits from a new UX/UI, speeding up the learning curve for beginners and improving productivity for advanced users.
What does the company do?
Led by CEO Michael Berthold, Knime provides an open-source data science and AI platform that enables anyone whether they come from a business, technical or data background to intuitively work with data, every day.
KNIME Analytics 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 from the ground up as well, 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 organisations to automate their workflows with a flexible pay-as-you-go plan.
“With our open-source community, we are able to provide KNIME users intuitive access to a wealth of state-of-the-art techniques,” said Michael Berthold, co-founder and CEO of KNIME. “Given the traction we’re experiencing in a booming market, we decided to take on additional funding to answer the growing demand for our end-to-end data science and AI platform. This is an incredible opportunity to accelerate data-driven innovation for our community, leveraging the drastic developments happening in the field.”
Userbase
Since 2017, KNIME has grown revenue to €30 million, at 30-40% per year and is now serving nearly 400 customers with a team of 250 employees worldwide.
Its user base includes nearly half a million people, making it the largest low-code data science community. It counts customers across all industries and regions, enabling companies such as ASML, Audi, AMD, Lilly, Novartis, Bayer, Sanofi, Genentech, the FDA, P&G, Mercedes-Benz, and others.
What do we think about KNIME?
Its robust open-source, low-code data science platform empowers businesses to harness AI efficiently. Its focus on enabling safer and faster AI adoption.
With an intuitive, cloud-ready platform and growing community, KNIME is set to drive significant industry impact, fostering innovation and enhancing productivity. Their comprehensive tools and strong user base position them as a pivotal player in AI and data science.
