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Ryax Technologies raises 1.34 million euros in seed funding for its smart data platform
Less than 2 years after its creation, Ryax Technologies secures its first funding round with IT Translation Investment, Crédit Agricole Alpes Développement (C2AD) and Business Angels. This investment is completed by funds from BPI France, Banque Populaire Rhône-Alpes, BNP Paribas and Total Développement Rhône. This investment will help with Ryax Smart Data platform’s market launch and industrialization.
Solving smart data projects industrialization issues
According to a Gartner study, 85% of today’s data science projects never reach production because industrializing data pipelines is overwhelmingly complex. Despite being at the heart of companies’ digital transformation, this issue is not likely to be easily tackled in the near future in the context of ever-increasing data volume, frequency (streaming), distribution and perishability.
“We have been in touch with numerous companies struggling with Data Science algorithm industrialization on complex infrastructures. With Data Engineers now being a scarce resource, businesses have never been so much in need for a performing, non-invasive, structured smart data tool to ensure algorithms’ sustainability and return on investment” says Andry Razafinjatovo, Ryax Technologies’ CEO.
Putting algorithms into production, made fast and simple
French startup Ryax Technologies has taken up this challenge to assist its customers in running data science on real-time streaming data flows within complex IT infrastructures, combining Edge, Fog, Cloud and On Premise computational resources.
The company enables Data Scientists to directly put their algorithms into production thanks to an easy-to-use and automated platform.
Ryax Technologies offers:
– Shorter times to market for smart data projects, thanks to industrial-grade automation of every stage of any data pipeline.
– Cost optimization of any infrastructure.
– Minimal maintenance costs thanks to its robust, secure and customer-adapted environment.
A seed funding to accelerate Ryax’s development
This investment will accelerate the launch and industrialization of Ryax’s solution. The startup has been supported by Grenoble-based Village by CA since June 2019.
“After a first development period in which we confirmed the customers’ interest for our solution, we are now entering Ryax’s critical go-to-market phase. With the help of this investment, we believe that Ryax will be able to make a powerful first start on the markets. We are deeply glad to be supported by such prestigious investors, our trusted relationship will contribute to the success of our future developments”, says Andry Razafinjatovo.
About Ryax Technologies
Ryax Technologies is a French company founded in November 2017 in Lyon by three engineers/PhD’s. Benefiting from years of experience in resource management for supercomputers they have since been developing Ryax: a smart data platform designed for data scientists, featuring an AI-powered orchestration engine running the right data treatments at the right time & place, helping customers take advantage of their real-time streaming data flows.
About IT Translation Investissement
IT-Translation is an investor and co-founder of digital technology start-ups spun off from both public and private research. What makes our business model so unique? We seed start-ups from ideas: we jointly set up the business and provide – at a very early stage – an investment of up to 300,000 euros through the IT-Translation fund. IT-Translation was created 8 years ago by CDC Entreprises (BPI France) and INRIA, and joined the European Investment Fund (EIF) in 2013.
C2AD is Crédit Agricole Sud Rhône-Alpes and Crédit Agricole des Savoie’s capital investment tool. It operates on both risk capital, innovation capital, development capital, and transmission capital operations, thus supporting local entrepreneurs with a sustainable mindset. C2AD manages 54 M€, invested in 130 companies.
The Ryax Team.