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Tecton Raises $100 Million In Series C Funding

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Tecton, the ML feature platform company, has raised $100 million in Series C funding bringing the total raised to $160 million. This round was led by new investor Kleiner Perkins with participation from strategic investors Databricks and Snowflake Ventures, previous investors Andreessen Horowitz and Sequoia Capital and new investors Bain Capital Ventures and Tiger Global.

The company plans to use the money to further deliver on customer value and to scale both engineering and go-to-market teams.

Tecton has announced record demand for its platform and Feast, the open source feature store. The company’s annual recurring revenue (ARR) nearly tripled from fiscal year 2021 to fiscal year 2022, and its annual ARR growth rate accelerated to more than 180% in the latest fiscal quarter that ended April 2022.

The company said its customer base increased more than 5 fold over the last 12 months. Also, the number of monthly active users for Feast increased more than 5 times annually to more than 800 monthly active users.

Tecton is a fully-managed ML feature platform that orchestrates the complete lifecycle of features, from transformation to online serving, with enterprise-grade SLAs. The platform enables ML engineers and data scientists to automate the transformation of raw data, generate training data sets and serve features for online inference at scale.

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