Is BigML Just Another Small ML Platform Player?

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According to a recent report, the machine learning (ML) market is estimated to grow 48% annually through 2027 . The industry was pegged at $56.5 billion in 2022. The growth in the market is attributed to the increasing adoption of cloud-based offerings.

BigML’s Offerings

Oregon-based BigML was founded in 2011 by Adam Ashenfelter, Francisco J Martin, Jos Verwoerd, Jose Antonio Ortega, Justin Donaldson, and Tom Dietterich. They wanted to design and build a platform that was more accessible, would bring the power of machine learning to users, and help them leverage data with ease while making the experience “enjoyable “.

Today, BigML’s sophisticated Machine Learning solution delivers predictive patterns from user data into intelligent applications that help businesses make automated, data-driven decisions. Its consumable, programmable, and scalable software platform has helped offer Machine Learning as a Service (MLAAS) that can be used to solve complex tasks. It is quick to deploy through an easy-to-use web interface and REST API that allows organizations to start their ML project by simply signing up with their email.

BigML’s predictive models come with interactive visualization and explainability features that make them easy to understand. They can be exported and used to serve local, offline predictions on any edge computing device. Its solutions are used to solve and automate Classification, Regression, Time Series Forecasting, Cluster Analysis, Anomaly Detection, Association Discovery, and Topic Modeling tasks for more than 196,000 users globally.

BigML’s Financials

BigML remains privately held and does not disclose its financials. It operates on a subscription-based pricing model allowing access to its platform for as little as $30 a month for individual accounts to as much as $45,000 a year for enterprise accounts. It sells additional services such as added support, customized assistance, personalized training and educational certifications for an added price point.

BigML has raised $6.55M in funding over six rounds. Its first funding round was held in 2011, and the last one was held in November 2023 when it raised $2.7 million in a round led by SAIC Capital. Other investors in the company include Open Future and Jere Doyle Enterprises. Its valuation and financial performance is not known.

The ML market is fairly crowded with big names like Microsoft through Azure Machine Learn ing, SAP through Predictive Analytics along with more niche players like BigML, Alteryx, Altair RapidMiner, and Anaconda Enterprise to name a few. I would like to see BigML share some details about its financials and performance to see how they stack up in this high growth market.

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