OctoML Secured $28M, Shelf Engine Got $41M, and More Seattle Tech News

March 22, 2021
OctoML / Facebook
PHOTO: OctoML / Facebook

With several mid-size funding rounds on the Seattle tech scene, companies are planning to grow their products and their teams. Find out who’s hiring. This is the Built In Seattle weekly refresh.

OctoML pulled in $28MThe Series B funding for the startup was led by Addition and will allow it to double its 45-person headcount. Its platform works to speed up the machine learning timeline by automating the processes of optimizing, benchmarking and deploying models. Roles will be available across several departments including engineering, sales, customer success and marketing. [Built In Seattle]

JetClosing secured $11MAiming to modernize the home-buying process is digital title and escrow specialist JetClosing. It closed on its Series B round from investors including PSL Ventures and Trilogy Equity Partners, and it plans to put the funding toward its product and operations and market expansion. JetClosing also appointed Seattle tech veteran Anna Collins as its new CEO. [Built In Seattle]

Seattle Tech Quote of the Week

“The reality of achieving this mission [of reducing food waste] is that we have to make the right people care. And the right people are these large grocers who care about their profits. If we can take their 18 to 20 percent gross profits and increase that to 30 percent, they’re going to care and they’re going to act. So we’re able to achieve our mission by aligning profit with reducing food waste.” —Stefan Kalb, co-founder of Shelf Engine

Shelf Engine got $41MIts tech is active in over 2,000 stores and uses AI, machine learning algorithms and multiple data sources to predict demand for highly perishable foods, helping these stores minimize waste and maximize profits. With its fresh funding led by General Catalyst, the startup is planning to bring its product to more stores and make upwards of 200 new hires by the end of the year. [Built In Seattle]

Deako Lighting raised $12.5MThe company developed a smart light switch that allows homeowners to swap in remotely controlled lighting using their home’s existing wiring. This installment of its Series B funding round brings the company’s total funding to $36 million, and the capital will go toward furthering the growth of its tech. [GeekWire]

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