1 min read.Updated: 20 Aug 2019, 10:35 PM ISTSalman SH
H2O.ai plans to use the funds to accelerate innovation and expand sales and marketing globally
With the latest fundraise, the company has secured around $147 million so far
Bengaluru: H2O.ai, an open-source platform that offers artificial intelligence and machine learning solutions for the enterprises, today raised $72.5 million in a Series D round led by Goldman Sachs and Ping An Global Voyager Fund, with participation from Wells Fargo, NVIDIA, and Nexus Venture Partners.
The current round raised the total funding in the company to around $147 million, the company said in a statement. Jade Mandel from Goldman Sachs will be joining the H2O.ai Board of Directors.
With this new round of investment, the company plans to accelerate innovation and expand sales and marketing globally. The new investment will be used to further simplify AI for business users with new and ground-breaking technologies.
Since the last round, H2O Driverless AI, the platform has tripled H2O.ai’s customer base with expansion across every industry on every continent. H2O.ai has also grown its global footprint with AI Centers of Excellence in Prague and Chennai.
Customers of H2O.ai include brands such as Aetna, Booking.com, Capital One, Comcast, Commonwealth Bank of Australia, Franklin Templeton, Hitachi, MarketAxess, Nationwide Insurance, PwC, Tokio Marine, Wells Fargo, and Walgreens.
“H2O.ai is democratizing AI and powering the imagination of every entrepreneur and business globally - we are making them the true AI superpowers," said Sri Ambati, chief executive and Founder at H2O.ai in a statement. “Our customers are unlocking discovery in every sphere and walk of life and challenging the dominance of technology giants. This will be fun."
“We’re thrilled to partner with the H2O.ai team on their mission to democratize artificial intelligence," added Jade Mandel, Vice President, Principal Strategic Investments Group at Goldman Sachs. “Their deep technical bench and customer centricity make them well positioned to bring transparency and efficiency to the world of prediction."
“We have been a big believer in H2O.ai since day one. We are ecstatic to see their success across the world with so many companies, in so many industries," said Jishnu Bhattacharjee, Managing Director at Nexus Venture Partners. “AI in the enterprise is a reality that H2O.ai is driving. We are thrilled to continue backing Sri and team as they accelerate their growth trajectory."
H2O.ai investor base includes Barclays, Capital One, Crane Ventures, CreditEase, Goldman Sachs, New York Life, Nexus Venture Partners, NVIDIA, Paxion Ventures, Ping An Global Voyager Fund, SST Holdings, TransAmerica, Walden River Wood, and Wells Fargo.
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