Internet & IoT Startup Algorithmia Raises $10.5 Million

Algorithmia closed $10.5 million in Series A financing. GV, Madrona Venture Group, Rakuten, Osage Partners, and Work-Bench Ventures participated in the funding.

Algorithmia is an open marketplace for algorithms, helping developers create tomorrow’s smart applications. The company aims to give developers the ability to turn algorithms into scalable web services with a single click. Application developers can then integrate the algorithms into their own applications with fewer than ten lines of code. Algorithmia also hosts web services, makes them discoverable, and enables algorithm developers to get paid for usage.

According to the company, Algorithmia will use the new funding to continue to improve its efforts in accumulating the best algorithmic knowledge, expand its network of universities, and become the hub to discover and access the latest algorithms, functions, and microservices.