FedML offers a distributed MLOps platform and software tools for developers to train, deploy, customize, and monitor ML models at scale across edge and cloud nodes. Additionally, it has created open-source libraries for federated (collaborative) learning, which solves the challenge of training ML models on sensitive and regulated data. This approach allows ML models to be trained at the edge using private or siloed data, without the need to share or relocate such data. FedML's libraries support machine learning on edge devices, distributed computing, as well as single-machine simulation.
FedML also offers a model serving platform to deploy trained ML models via geo-distributed cloud computing resources, as well as a model monitoring platform for continually monitoring and improving the model in real time.
Key customers and partnerships
As of July 2023, FedML had over 10 enterprise customers from the healthcare, financial services, logistics, retail, smart city, generative AI, and web3 industries. It also reported having over 3,000 developers using its platform, handling 8,500 training jobs across 10,000 edge devices.
The company partnered with Theta Labs (in July 2023 ), a Web3 blockchain infrastructure provider for video, media, and entertainment, to launch a decentralized supercluster for generative AI and content recommendation. Through the partnership, FedML will allow Theta Edge Network community members to offer their individual computing resources for training and deploying AI models, catering to personalized content recommendations for Theta.tv viewers.
Funding and financials
FedML raised USD 11.5 million in a seed funding round led by Camford Capital, at a valuation of USD 56.5 million. The round was divided into two tranches, with the first tranche of USD 4.3 million closing in March 2023, followed by the second tranche of USD 7.2 million closing July 2023. The company was to use the fresh funds to expand the development and adoption of its platform.
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