New Funds for Open Source Data Science Firm KNIME

Zurich, Switzerland-based open-source and low-code data science and AI company KNIME has secured $30m in additional funding from longstanding backer Invus, with which to accelerate development of its software.

The firm boasts around 400 customers and nearly half a million users for its free and open-source KNIME Analytics Platform and KNIME Hub - the latter is the commercial complement to the Platform and allows users to automate workflows, collaborate on data science and AI projects, and share insights across an organization.

While upping its revenue by around 30-40% a year since 2017 to its current EUR 30m, KNIME has grown to 250 employees worldwide, added a new user interface and an AI assistant called K-AI, and re-engineered its Hub to incorporate AI throughout, as well as adding 'Team Plan', an SaaS pay-as-you-go offering for smaller businesses.

The new investment brings Invus' total funding for the company to $50m. KNIME co-founder and CEO Michael Berthold notes: 'With our open-source community, we are able to provide KNIME users intuitive access to a wealth of state-of-the-art techniques. 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'. Invus MD Mario Kaloustian states: 'KNIME enables fast, widespread data science and AI adoption, with centralized 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'.

Web site: www.knime.com .