JFrog (Nasdaq: FROG) is purchasing a startup Your strength For $230 million in a purely Israeli deal in the field of artificial intelligence. JFrog is acquiring the Qwak AI platform in order to expand its activities in AI in general and MLOps (maintenance) in particular, in addition to managing and developing machine learning models, data banks and code for technology companies.
The Qwak platform allows companies to build, implement, operate and manage AI applications, reducing the infrastructure work required to develop machine learning models, and allowing development and data science teams to focus on core work.
The deal generated quick and beneficial profits for Qwak’s investors, including Israeli early-stage venture capital funds Stage One and Amiti Ventures. Later investors include Bessemer Venture Partners, which led Qwak’s latest funding round. In total, Qwak has raised more than $31 million and was valued at $64 million at the time of its last funding round in March 2023, according to PitchBook. In other words, Qwak’s value has quadrupled in just 15 months. The company’s founders, CEO Alon Lev, COO Ran Romano, CTO Yuval Fernbach, and COO Lior Benso, will benefit from the exit.
“Our founding vision for Qwak was to change the way software development teams and data scientists work together to bring AI assets to production,” said Lev. “With the power of the JFrog Software Supply Chain Platform to deliver secure software components at scale, we are creating an entirely new experience of “It will pave the way for unified digital delivery teams to bring accountable and secure models into their applications in a more simple and predictable way.”
Shlomi Ben Haim, co-founder and CEO of JFrog, added, “Next-generation software supply chain platforms will need to expand and include MLOps solutions natively to better serve development organizations. We are excited to integrate Qwak’s MLOps solution with our platform to enable AI for our customers. , powered by JFrog Artifactory as the model registry of choice and JFrog Xray for scanning and securing ML models, will enhance user efficiency and provide a unified platform experience for DevOps, DevSecOps, MLOps and MLSecOps.
JFrog’s stock price rose 0.65% today to $34, giving it a market cap of $3.686 billion. The Israeli company has developed a software supply chain platform for DevOps and software developers.
Published by Globes, Israel Business News – en.globes.co.il – on June 25, 2024.
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