Kolena, a Miami, Florida-based startup building tools to test, benchmark, and validate the performance of AI models, raised $15 million in Series A funding, bringing its total raised to $21 million.
The round was led by Lobby Capital, with participation from returning investors SignalFire, Bloomberg Beta, 11.2 Capital, Zero Prime Ventures and others.
Lobby Capital is a venture capital firm based in Palo Alto, California. The firm seeks to invest in consumer enterprise, e-commerce, ed-tech, and fintech sectors
Kolena Use of Funds
The company plans to use the funding to grow its research team, partner with regulatory bodies, and expand sales and marketing efforts. It aims to roll out team bundles for mid-sized organizations and early-stage AI startups in Q2 2024.
Founded in 2021 by Mohamed Elgendy, Andrew Shi, and Gordon Hart, Kolena is an ML testing platform that allows ML teams to test their model behavior. The platform offers a "model quality framework" that delivers unit testing and end-to-end testing for AI models in an enterprise-friendly package. It provides insights to identify gaps in AI model test data coverage and incorporates risk management features to track risks associated with AI system deployment. Kolena is on a mission to define new quality standards for ML testing.
Company: Kolena, Inc.
Funding Month: September 2023
Lead Investors: Lobby Capital
Additional Investors: SignalFire, Bloomberg Beta, 11.2 Capital, Zero Prime Ventures
Company Website: https://www.kolena.io/
Software Category: ML Testing Platform