NEW YORK, February 9, 2022; Devron, a pioneering data science software company, has raised $12 million in an oversubscribed Series A financing round, led by leading investment firm Tiger Global and with participation from existing investors FinTech Collective, Afore Capital, and Essence Venture Capital. The company will use the funds to accelerate adoption of its innovative machine learning platform that enables businesses and governments to extract actionable insights from enterprise-wide, distributed data.
“Devron’s technology has the potential to alter the data science and AI landscape,” said John Curtius, Partner at Tiger Global. “We are impressed with what Devron has accomplished in a short period of time and its ability to enable companies to efficiently and effectively derive greater value from more of their data.”
The Devron platform sets a new industry standard by allowing clients to unlock more data faster, wherever it resides. Traditional data science and AI development depend on copying or moving data to a single location, which can be costly, risky, time-consuming and limited by privacy and regulatory constraints. As a result, significant enterprise data remains beyond reach, limiting the effectiveness and return on investment of AI initiatives.
Devron alleviates this issue by enabling businesses to quickly access and organize structured and unstructured data such as images, by bringing the algorithms to the data to enable accurate analysis. This eliminates the need for data extract or movement as a predicate to actual data analysis. Through federated machine learning, Devron allows users to process vast amounts of data concurrently, while ensuring that confidential information remains protected and untouched.
“Most companies see the tremendous potential of AI but struggle to realize the benefits," said Ian Peebles, Head of Business Development for North America for PS AI Labs, a Devron user and partner. “Devron allows us to accelerate AI projects and delivery of business value. By allowing access to more information faster and with less risk of data exposure, we can deliver better business decisions, greater efficiencies, and more competitive strategies.”
Devron was formed in 2020 by CEO Kartik Chopra, a former undercover CIA technical intelligence officer. Chopra recognized the challenges that organizations in the public and private sector face in harnessing data that is distributed across various systems, departments, geographies, and authorization levels. This is especially true in the business community, where the inherent conflict over the use of personal data for targeting purposes has put large technology companies on the defensive.
“Understanding consumer patterns is the holy grail for any business,” said Chopra. “By enabling access to private data without moving, anonymizing, or compromising it, we’ve solved both the business and compliance challenges. It’s a breakthrough moment for the industry.”
“Superior insights are a genuine competitive differentiator, but powerful intelligence needs to be fueled by robust, reliable and comprehensive data,” said David Murray, Chief Business Officer at Devron. “Devron empowers industry participants to unlock the trapped value of all their enterprise data to make informed, profitable and compliant decisions.”
The Devron platform can be deployed across a wide range of business situations, generating operational efficiencies, better risk profiling and management, and expanding customer wallet share and retention.
With the ability to access data faster, Devron can help businesses move from preventive to predictive measures. Forecasting potential issues through machine learning will allow businesses to take a more proactive approach, reducing costs and increasing profitability.