A Chicago startup building AI software for enterprises just landed a new round of funding to help more companies with artificial intelligence and machine learning.
ModelOp announced Tuesday that it raised a $6 million Series A round led by Valley Capital Partners. Silicon Valley Data Capital also participated in the round.
Founded in 2016, ModelOp helps companies deploy and monitor AI models. The startup is led by CEO Pete Foley CTO and Stu Bailey, who worked together at IT company Infoblox, which went through an IPO in 2011 and was acquired by Vista Equity for $1.6 billion in 2016. Before co-founding Infoblox, Bailey was the technical lead at the National Center for Data Mining, and Foley served as the CEO of multiple tech companies.
With ModelOp's software, companies can track the performance of their AI systems on multiple platforms while making sure everything is compliant with regulatory requirements.
The startup says its customers include five of the top 10 largest financial institutions, along with Fortune 500 manufacturers, insurers and credit bureaus.
"With this latest round of funding, we’re well positioned to grow and ensure that our platform and delivery capabilities stay well ahead of competitive offerings and can accommodate the evolving regulatory landscape," Foley said in a statement.
The startup also announced several new hires this week, including Sheau-ming Ross (previously the CFO for the Robert R. McCormick Foundation) as chief financial officer, Mark LeMonnier (previously the VP of engineering with Ancestry.com) as VP of software engineering, and Linda Maggi (previously the senior director of world wide field and partner marketing with BMC Software) as vice president of marketing.
