OUP has exited Algorithmia following its acquisition by DataRobot for an undisclosed sum.

Algorithmia, US-based machine learning software developer backed by spinout-focused venture capital firm Osage University Partners (OUP), has been acquired by augmented intelligence technology provider DataRobot. Financial terms of the deal have not been disclosed, but the acquisition was enabled by a $300m series G round also announced by DataRobot this week. Founded in 2013, Algorithmia started out as a marketplace for algorithms but now provides AI-equipped development software that allows enterprises and government agencies to build expansive machine learning-based systems for their organisations. The company was co-founded by Kenny Daniel, after he pursued his PhD at University of Southern California looking at artificial intelligence and mechanism design. Algorithmia secured $25m in a series B round backed by OUP in 2019. Norwest Venture Partners led the series B round, which also included Gradient Ventures, the artificial intelligence-focused investment unit of internet technology producer Google, and Rakuten Ventures, the corporate venturing arm of e-commerce firm Rakuten. Madrona Venture Group and Work-Bench filled out the series B round. The company previously raised $10.5m of series A funding in a 2017 round led by Gradient Ventures and backed by OUP, Rakuten Ventures, Work-Bench and Madrona, the latter of which led its $2.4m seed round in 2014. Rakuten Ventures, Deep Fork Capital and private investors filled out the seed round.

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Thierry Heles

Thierry Heles is the editor of Global University Venturing, host of the Beyond the Breakthrough interview podcast and responsible for the monthly GUV Gazette (sign up here for free).