Open-source data science platform Knime raises $30M to seize opportunity in generative AI – SiliconANGLE

Open-source data science platform provider Knime AG said today it has closed on a new, $30 million investment from its longtime backer Invus.

The round is the first major investment the company has received since Invus led its initial Series A funding round way back in 2017, and brings its total amount raised to date to $50 million.

Knime has created what it says is the world’s most complete open-source platform for “end-to-end data science.” Used for artificial intelligence development, it includes tools for creating and deploying analytical models, sharing insights and consuming them across entire organizations.

The platform is centered on what Knime says is an intuitive, low-code user interface that’s combined with generative AI, enabling anyone to quickly build both simple and sophisticated analyses for AI models. It provides tools for tasks such as data preparation for training AI models, including large language models.

Furthermore, Knime supports the sharing of workflows and collaboration across disciplines, and provides the ability for users to deploy and monitor insights across their entire organization. It’s also a foundation for building data applications and knowledge bases, the company says.

Today’s investment coincides with some key updates for the two major components of the Knime platform. For instance, the Knime Analytics Platform is now “cloud- and browser-ready,” with a new user interface that will help reduce the learning curve for novice data scientists, while improving productivity for more advanced users. One of its main new features is “K-AI,” which is a generative AI assistant that supports natural language queries to assist users in their data science projects.

Meanwhile, the enterprise-grade Knime Business Hub has been re-engineered from the ground up to support automation, collaboration, deployment and governance of data analytics and AI models, the company explained.

Knime co-founder and Chief Executive Michael Berthold said the company’s two main product offerings help information technology and technical leaders figure out how to proliferate generative AI innovation while still making sure data is kept safe.

“The Knime Analytics Platform has no barrier to entry and its open-source nature allows a large community of workflow developers to access and build with generative AI technology, both now and in the future,” Berthold said. “At the same time, Knime Business Hub allows for defining controls and governing access to data and models, precisely in the way that a given enterprise would like to define.”

In addition to updating those products, Knime said it’s launching a new, software-as-a-service offering, called the Team Plan for Knime Community Hub, which provides flexible, pay-as-you-go options for smaller organizations.

Invus Managing Director Mario Kaloustian said Knime’s platform enables fast and widespread data science adoption across organizations. “This model answers the key question for the C-suite of every company,” he said. “How do we accelerate innovation with generative AI while managing associated risks?”

Having been around since 2017, Knime has attracted quite a significant customer base, despite not making many headlines since generative AI burst onto the tech scene in late 2022 with the arrival of OpenAI’s ChatGPT. The startup says it’s generating revenue of more than 30 million euros ($32.6 million) annually, and is growing at a rate of 30% to 40% per year.

Its customer base has grown to more than 400 enterprises, including some well-known names such as AMSL Holding NV, Audi AG, Advanced Micro Devices Inc., Eli Lilly and Co., Novartis AG, Bayer AG, Sanofi SA, the U.S. Federal Drug Administration, Genentech Inc. and Mercedes-Benz AG. All told, the platform has a user base of almost a half-million globally, the company claims.

Berthold said Kinme’s open-source approach to data science is the main reason for its popularity, removing virtually every barrier to entry, while remaining adaptive to the needs of an AI industry that’s evolving at rapid speed.

“Open-source enabled us to integrate with any data technology on the market,” he explained. “So as new developments like generative AI appear, Knime can support them immediately. It can integrate with more technology than proprietary tools, and can integrate with them faster.”

In addition, open source also enabled Knime to build up a large community around its products. “Our community consistently shares working examples that cover all of the application areas for Knime, and this allows us to have a vast repository for use cases in any industry or discipline,” the CEO said.

According to Berthold, the company’s traction and the rise of generative AI is what prompted it to take on additional funding for the first time in over seven years.

“We have been aiming to grow at a sustainable rate and didn’t initially have any plans for further investment,” he said. “But we decided to take it once we saw the rapid innovation in generative AI. We want to seize the opportunity to grow quickly with the exciting developments in this market.”

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