Logical Clocks Raises €5 Million to Fast Forward the Development of Hopsworks, The Most Advanced Cloud Native Feature Store For AI
- The company that launched Hopsworks, the world’s first open-source Feature Store for AI, raises a €5M Series A investment led by the Nordic VC Industrifonden with the participation of Inventure. Hopsworks has already attracted industry leading organizations including PaddyPower-Betfair, Getinge, and Swedbank.
Logical Clocks, the Swedish company behind Hopsworks, the world’s first Enterprise and open-source Feature Store with an end-to-end machine learning platform, announced a €5M Series A investment, led by Industrifonden with participation from Inventure. Proceeds will be used to expand the company’s commercial operations and footprint, particularly in the US market.
“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,” comments Jim Dowling, CEO and Co-founder at Logical Clocks. Hopsworks provides a centralized ML platform with the most advanced and complete Feature Store enabling organizations to manage models with low latency access to data spanning the whole organization. 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. Hopworks is already running in production at industry leading companies, including PaddyPower-Betfair, Getinge, and Swedbank.
“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,” says 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,” says Timo Tirkkonen, co-founder and partner of Inventure.
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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 platform offers two product tiers: an open-source version that targets individuals or small organizations, and an Enterprise version that provides advanced security features to support organizations in building production machine learning applications at scale.
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