By ET Bureau - November 22, 2022 5 Mins Read
Verta, the Operational AI company, today announced strong momentum with continued adoption and enhancement of its Operational AI platform, the launch of its Enterprise Model Management system for AI-driven enterprises, the debut of its Verta Insights research group to conduct primary research on artificial intelligence and machine learning, and expanded hiring of industry experts to meet growing market demand and delivery to support its customers.
The Verta Operational AI Platform enables stakeholders across MLOps – including Data Science, ML Engineering, DevOps, Risk and Governance – to package and deliver any model instantaneously using best-in-class DevOps support for CI/CD, security and monitoring, while ensuring reliable and scalable real-time AI deployments.
The Verta Enterprise Model Management system centrally organizes all model assets across the enterprise, with integrated experiment tracking, deployment management, versioning and monitoring to establish governance, enable collaboration, and deliver visibility into model performance and usage. It has unique capabilities to manage end-to-end metadata states and software lifecycles across development, production and archival processes. The Verta system is model-agnostic and hybrid across multi-cloud and on-premise sources.
“With Enterprise Model Management, companies are able to accelerate machine learning pipelines and deliver faster time to value from ML projects, with enhanced discoverability and reuse, clear visibility into performance and usage, and model risk management and governance to enable Responsible AI and regulatory compliance,” said Manasi Vartak, Founder and CEO of Verta. “Our customers use the Verta Operational AI platform and Verta Enterprise Model Management to enable the real-time machine learning required for the next generation of AI-enabled intelligent products and services.”
Recent updates to Verta’s Operational AI platform and Enterprise Model Management solution enable greater cross-enterprise visibility and collaboration around model assets, next-generation model tracking and reporting capabilities, and enhanced security and model risk management capabilities.
Verta also announced its Verta AI Leaders (VAIL) Accelerator Program for Insurance, designed to help insurers increase model velocity and the subsequent realization of value. With the Accelerator Program, insurers get access to Enterprise Model Management to centrally organize, manage, and describe enterprise AI/ML model assets and enable collaboration on real-time AI and ML use cases to maintain competitive advantage. Enrollment in the VAIL program is open through December 1, 2022.
Launch of Verta Insights
Verta launched its Verta Insights research group to conduct research into trends in the AI and machine learning space. Verta Insights delivers practical insights to assist AI/ML practitioners and executive leaders for adopting Operational AI technologies and best practices. The first Verta Insights research study, State of Machine Learning Operations 2022, showed that fewer than half of organizations have put in place the tools they will need to manage the rapid expansion they expect in real-time uses of machine learning (ML).
According to the study, which included feedback from more than 200 machine learning practitioners, more than two-thirds (69%) of participants said that real-time use cases would be increasing or increasing significantly over the next three years. At the same time, fewer than half (45%) of all participants reported that their company has a data or AI/ML platform team in place to support getting models into production, and just 46% reported having an MLOps platform in place to facilitate collaboration across stakeholders in the ML lifecycle, suggesting that the majority of companies are unprepared to handle the anticipated increase in real-time use cases.
“The tooling and IT infrastructure, as well as the skillsets, required to support real-time machine learning are different from those needed to support batch, analytical workloads,” noted Rory King, Head of Marketing and Research of Verta. “The Verta Insights State of Machine Learning Operational study confirmed that while companies are increasing their use of real-time use cases, they have not made the investments necessary to support real-time ML.”
King said that the rapid increase in real-time machine learning use cases is driving organizations to augment their technology stack to include Operational AI infrastructure, enabling them to realize the top line benefits they expect from intelligent equipment, systems, products and services. “We also see companies setting up machine learning platform teams to manage this essential technology infrastructure to deliver the same levels of availability and uptime that they expect from other business critical enterprise systems,” King added.
Growing Market Demand
Vartak invented modern-day experiment management and tracking when she created ModelDB, the progenitor of MLflow, and Verta’s founders accrued extensive hands-on experience in data science and operational ML at AI-forward tech giants like Google, Twitter and NVIDIA. They established Verta to fill a gap they saw in the tooling to operationalize ML that was preventing companies from realizing the full value of data science and machine learning.
Verta enables organizations to ship AI-enabled products and detect model quality issues 10-30x faster than previously. Customer successes include:
Vartak noted that Verta has been expanding its team to meet increased market demand for Operational AI solutions, including adding to the company’s Development, Customer Success and Go to Market teams. “We’re pleased that the market has recognized the need for tools like Verta to support Operational AI and Enterprise Model Management. We’re making investments in our team to enhance our platform and deliver the promise of Operational AI to a growing list of customers in industries like Insurance, Banking and Financial Services,” Vartak said.
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