US and Bangalore-based, Julia Computing has raised around 30.6 Crore ($4.6 million) from US-based General Catalyst and Founder Collective. It plans to use the money to accelerate product development. Julia is an open-source language for high-performance technical computing and data science, the language provides better interface and more resources. Potentially, this can be used in diverse areas such as financial markets, algorithmic trading, air safety, self-driving vehicles, astrophysics, drug discovery and augmented reality.
Viral B Shah, CEO of Julia computing stated that “For most open-source companies, the business model is based around consulting but it is not good for a long-term sustainable business, we thought we should do product development. The money will help us build the business side of the company ¬ sales, marketing and service. We wanted to compete in the market. We wanted to focus on the finance market and provide tools for investment banks and insurance companies.”
The company is situated in Bengaluru, New York, Boston, London and San Francisco. They selected General Catalyst and Founder Collective as our initial investors because of their success in backing entrepreneurs with business models based on open-source software and the support they provide is remarkable.