Irishman’s AI start-up secures €5m in Series funding

14 Jul 2021

Jim Dowling. Image: Logical Clocks

Industrifonden led the investment in Logical Clocks, the company behind the open-source Hopsworks platform.

Research spin-out Logical Clocks has secured Series A funding to expand its commercial operations and its global footprint.

Headquartered in Stockholm, Logical Clocks was founded in 2016 by members of the Distributed Computing Group at KTH Royal Institute of Technology and the Swedish Institute of Computer Science (SICS).

One member of that team was Irishman Jim Dowling, an associate professor at KTH and researcher at SICS. Hailing from Dublin, Dowling now leads Logical Clocks as CEO.

The Swedish start-up is behind Hopsworks, an open-source platform for the development and operation of machine learning models. Hopsworks is available as a managed platform on AWS and Azure or as a self-managed version that can be deployed on any data centre. The platform is currently used by clients such as Flutter Entertainment (formerly Paddy Power Betfair) and Swedbank.

“Too many companies working with AI struggle with disconnected teams and poor data quality that prevent or delay the development of AI applications. Hopsworks’ feature store manages data for AI, making it simpler, faster and cheaper to move models to production,” said Dowling.

“We’ve built the platform on the principle of being open, allowing teams to use their tools, cloud and data centre of choice.”

Logical Clocks’ €5m Series A investment is led by Swedish VC fund Industrifonden with participation from Inventure.

Industrifonden has reach across the Nordics focused on early-stage investments, particularly in life sciences, deep tech and emerging technologies.

Investment director Rebecka Rydå said Industrifonden was impressed with Logical Clocks’ “groundbreaking technology”.

“The company’s strong research foundation, advanced technical skills, and deep customer knowledge stood out during our conversations. We anticipate that Hopsworks will continue leading and transforming how organisations manage their entire data life cycle and machine-learning pipelines, and are excited to partner with them on  this mission,” she said.

With this investment, the company aims to move into the US market.

Elaine Burke is the host of For Tech’s Sake, a co-production from Silicon Republic and The HeadStuff Podcast Network. She was previously the editor of Silicon Republic.