Logical Clocks to raise €5 million Series A investment round led by Industrifonden.

Logical Clocks, a Stockholm, Sweden-based company working on the open-source platform Hopsworks - a big data platform for scale-out data science and AI, completed a €5 million ($5.8M) Series A investment round.

The money was raised from investors led by the Sweden's Industrifonden, joined by existing shareholders from Finland Inventure.

Proceeds will be used to expand the company’s commercial operations and footprint, particularly in the US market.

Logical Clocks was co-founded by Assoc. Prof Jim Dowling (CEO), Prof Seif Haridi and researchers at KTH University and RISE SICS in Stockholm. The company provides Enterprise support for the open-source Hopsworks platform to solve the data problem for Deep Learning and AI, where a new class of platform with support for GPUs is needed to refine ever increasing volumes of data into training data, the fuel for AI systems.

Hopsworks provides a centralized ML platform with the most advanced and complete Feature Store enabling organizations to manage models with low latency access to data spanning the whole organization. With Hopsworks, companies can easily deploy real-time calculated data, govern models with refined data provenance, and increase effectiveness and collaboration across data and ML teams. Customers include PaddyPower-Betfair, Getinge, and Swedbank.