Alteryx, a publicly traded analytics firm, introduced this morning that it has acquired Feature Labs, a machine studying startup that launched out of MIT in 2018. The corporate didn’t reveal the phrases of the deal.
Co-founder and CEO Max Kanter informed TechCrunch on the time of the launch, that firm had been based mostly on analysis at MIT that checked out the right way to automate the creation of machine studying algorithms. “Feature Labs is exclusive as a result of we automate function engineering, which is the method of utilizing area information to extract new variables from uncooked knowledge that make machine studying algorithms work,” Kantor told TechCrunch in 2018.
It’s exactly this functionality that appealed to Alteryx . “Characteristic Labs’ imaginative and prescient to assist each knowledge scientists and enterprise analysts simply acquire perception and perceive the elements driving their enterprise matches the Alteryx DNA,” Alteryx co-founder and CEO Dean Stoecker stated in an announcement. It’s price noting that the corporate acquired one other machine studying startup, Yhat, in 2017 and launched a new feature, Alteryx Promote, based mostly on that expertise later that 12 months.
As for Characteristic Labs, writing in a blog post saying the deal, Kantor and chief knowledge scientist Alan Jacobson noticed a associate that might assist it develop quicker whereas becoming the long-term targets for the corporate. Kantor and Jacobson additionally sought to reassure its customers that the mission will proceed. “We plan to make use of this [acquisition] to develop our AI and ML efforts in each the Open Supply knowledge science group, in addition to for line of enterprise analysts that need code-free instruments that may information them by way of the complicated course of to efficiently implement AI and ML strategies with their area information,” they wrote within the put up.
Characteristic Labs presents open supply libraries for knowledge scientists which were downloaded over 350,000 occasions, in line with the corporate. The corporate was based in 2018 in Cambridge, Massachusetts and has raised $three million, in line with Crunchbase knowledge. It’s going to stay in Cambridge and type a brand new Alteryx engineering hub within the metropolis.
Alteryx went public in 2017 after elevating over $160 million from VC corporations like Iconiq Companions, Perception Enterprise Companions and Sapphire Ventures. This represents its fifth acquisition and second this 12 months.