H2O.ai, a cloud AI technology developer, has raised $100 million in Series E funding led by its customer and Australia’s largest bank, Commonwealth Bank of Australia (CBA).
Pivot Investment Partners also joined the round along with prior investors Goldman Sachs Asset Management and Crane Venture Partners.
Wells Fargo, New York Life and NVIDIA are the other customers turned existing strategic investors in the company.
The Mountain View, California-based company said it plans to use the additional capital to scale partnerships, sales, marketing, and customer success globally.
H2O.ai has developed an open-source framework aimed at democratising the usage of artificial intelligence (AI) based services by everyone. It provides AI solutions to millions of data scientists and to more than 20,000 global organisations including AT&T, Citi, Capital One, GlaxoSmithKline, Hitachi, Procter & Gamble, PayPal, PwC, Reckitt, Unilever among others.
“H2O.ai is picking winners in every vertical on every continent and making them AI superpowers to take on the tech giants with the H2O AI Cloud. Our innovative maker-culture and customer obsession have won the trust and love of our customers and they have led every growth funding round at H2O.ai,” Sri Ambati, founder and CEO of H2O.ai said in a press release.
H2O.ai has so far raised over $250 million and is valued at $1.7 billion post-money.
