ForePaaS will use the capital from this Series A to accelerate its move to the USA and strengthen R&D
Paris, December 7, 2017 – ForePaaS, vendor of the first multi-cloud and automated platform as a service to scale fast and secure machine learning applications, today announced that it has secured $10 million in Series A funding from Elaia Partners, Hi Inov and Calao Finance.
The platform for Data Science
With ForePaaS, the Data Science market has a machine learning platform to live up to its promises. Designed to meet the technology and security requirements of global companies, ForePaaS provides the agility businesses need to innovate and deliver actionable projects swiftly (data visualization, predictive analysis, artificial intelligence). The robustness of the platform allows customers to deploy their projects across all or part of their organization, at the pace of their choosing.
As such, ForePaaS is the first solution to empower organizations such as Total (leading oil company), Havas (leading media company) or Saint-Gobain (world #1 building materials) to accelerate their data projects in a spectacular way, all the while granting them with a total control of them.
This Series A round of funding will allow ForePaaS to accelerate its activities in Europe and the USA, and strengthen its investments in R&D by doubling the number of employees, increasing the workforce to 80 people by the end of 2018.
Putting Machine Learning in the hands of business teams for quicker projects cycles
Designed for use by business teams, the ForePaaS platform integrates and automates data management operations and application management. Artificial Intelligence and Machine Learning solutions can be deployed across the whole organization within just minutes, delivering immediate, tangible results and even new sources of revenue.
This Series A round of funding will increase the platform’s built-in flexibility. Data services can already be deployed quickly and then optimized step by step by integrating feedback about appropriation, data coherence and availability, local particularities and spikes in activity. New services are made available quickly and easily, and return on investment is not only greater; it’s also extremely fast.
Complete control over Big Data intelligence
Companies maintain complete control of results from all projects designed on the ForePaaS platform, whatever they may have chosen in terms of software architecture or hosting infrastructure. They are entirely free to transfer their data and applications from one cloud to another, including within their own infrastructure. Furthermore, hosting for data is separated from hosting for artificial intelligence, ensuring ForePaaS clients have confidentiality and maintain ownership of their results (e.g.: forecasting algorithms, churn prediction models). This Series A will help accelerate these already advanced platform features.
Series A Investor Endorsements
“We are thrilled to have secured capital from Elaia, Hi Inov and Calao Finance. Each of these companies has an impressive record in the B2B technology sector, and come with extensive experience in both technology and international growth. This will allow ForePaaS to become the leading platform for companies looking to quickly generate value from their data” said Paul Sinaï, CEO of ForePaaS.
“The Data Analytics market has reached maturity: companies now understand the stakes of data and AI, and are now eager to industrialize related projects (mastering the complexity, scaling up deployments and finally reaping the benefits). ForePaaS is precisely the solution they need to do so.” added Marc Rougier, Partner at Elaia Partners.
“With projects entering their industrialization phase, the ownership of produced results is a fundamental challenge. In this respect, the ability to separate raw data hosting from the “intelligence” derived from data processing is paramount. “With ForePaaS, companies can protect their data assets and adapt their infrastructure as they grow and as their strategy evolves.” concluded Nicolas Meunier, Chief Investment Officer at Hi Inov.
About our Series A investors
- Elaia Partners: Founded in 2002, Elaia Partners is a VC firm investing in the digital economy. With over €250 million under management, Elaia Partners specializes in early stage, deep-tech, B2B ventures with global ambition. Elaia values transparent, collaborative and hands-on partnerships between VCs and entrepreneurs. Elaia Partners’ investments include Criteo (NASDAQ: CRTO), Sigfox, Mirakl, Teads, Shift Technology, Tinyclues, Agriconomie, Orchestra Networks, Stanley Robotics. Elaia Partners is proud to be part of this Series A.
- Hi Inov: Founded in 2012 by Pierre-Henri Dentressangle (President) and Valérie Gombart (Chief Executive Officer), Hi Inov SAS is the venture capital arm of Dentressangle Initiatives. Its first fund Hi Inov 1, for which the majority of the €40m capital came from industry and service entrepreneurs, targets innovative young companies of the digital economy in e-services, mobile Internet, industrial IoT, retail technologies and SaaS dedicated to the digitization of large corporations. Since 2015, Hi Inov has managed the €30m SNCF Digital Ventures fund, which invests in startups to accelerate the digital transformation of the SNCF group. Hi Inov is honored to be part of this Series A.
- Calao Finance: Calao is an independent private equity firm regulated by the AMF (French Market Authority). Founded and directed by Eric Gaillat and Rodolphe Herbelin, the firm has a team of around 20 investment professionals and industry experts. The funds advised or managed by Calao Finance (FCPR/FPCI, FIP, FCPI, investment advice) help finance almost 70 French companies operating in two major areas: lifestyle and strategic technology. Calao Finance won a Morningstar Award in 2014. Calao is thrilled to be part of this Series A.
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