Tech Funding Recap for Aug. 4, 2021

Technology has provided us with many of the conveniences we enjoy today, and who knows what the future will bring? Companies are continually coming out with a new device or piece of software that provides solutions that make our lives easier. And while it may seem these new products come to us effortlessly overnight, each one takes a great deal of research and development.

Deep Instinct and Productboard are two companies who have been working hard to raise funds to put out products that provide modern solutions. Read on to find out about their recent efforts.

Productboard

Software is the data that tells a computer how to work. It is the driving force behind every tech product. So it may be shocking to find out that 19% to 23% of software projects fail.

This is usually due to businesses being unable to meet scope, budget, and time requirements. Lack of user involvement and executive support, as well as unclear communication, are other factors that come into play.

Productboard aims to change that. Founded in 2014, the service aims to tackle the common problems that come up in the DevOps stages. The platform allows companies to create single feedback repositories that provide guidance on what to build next, eliminating roadblocks in the development process.

Most software products are developed by teams that count on a variety of free tools such as PowerPoint, email, post-it notes, and Slack to communicate. They fall short on providing a clear roadmap of the best practices and structures to be integrated in the creative process.

Productboard provides teams with the capability to consolidate tickets, conversions and Slack messages in a single dashboard. They can use the tool to categorize ideas, requests and feedback and highlight insights. Managers can look over the data and send it on to developers who can rate them in terms of importance on a scale of 1-3.

The company has recently raised $72 million in a C round of funding. The funds will be used to expand their team, increase conversions, and support research and development.

Deep Instinct

Cyberattacks are a growing problem in the world of technology. Deep Instinct aims to reduce the risk of cyberattacks with a system that counts on machine learning and artificial intelligence.

While using AI to fight cybercrime is nothing new, Deep Instinct is taking a radical approach creating deep neural networks that surpass feature processing that adds an additional step and makes for a slow reaction time.

With traditional machine learning, files must be converted into a list of features that are then fed into a machine learning model instead of being processed directly. This slows things down considerably.

Deep instinct offers a solution in the form of an end-to-end deep learning system that uses the raw data as input without the need to convert it. The company trains models in its lab by feeding it millions of malicious and legitimate files so it can tell the good from the bad. Training is performed in the lab and not on customer premises making it even more convenient for users.

The company recently announced the completion of a $100 million funding round making for a total of $200 million raised.