Cloud-based AI tech startup H2O.ai has announced that the company raised $100 million in its recent Series E round, increasing its total valuation to $1.7 billion. The funding was led by customer-turned-investor Commonwealth Bank of Australia with additional participation from Pivot Investment Partners, Goldman Sachs Asset Management, Celesta Capital, and Crane Venture Partners.
“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,” said Sri Ambati, founder and CEO of H2O.ai.
“Commonwealth Bank and H2O.ai are led by our core belief that we can make the world better by serving our communities and customers with AI. This strategic partnership between the leading global AI Cloud movement and Australia’s largest bank will unleash the juggernaut of co-innovation and will further democratize AI with trust and freedom. This will be fun.”
More than 20,000 global business organizations like PayPal, Capital One, Nationwide, and Wells Fargo use H2O.ai as their go-to platform for building AI strategies. More than 50 percent of the Fortune 500 and millions of data scientists around the world now use the platform. Since releasing its unified H2O AI Cloud in January, the company has seen massive growth in its adoption and usage in multiple industries.
The H20 AI Cloud helps users create AI strategies that flow naturally to success thanks to pre-built AI applications. Between 2020 and 2027, the AI market is expected to grow annually at a rate of 33.2 percent. With H2O’s easy-to-use and unified platform, the company is positioned to put its customers in the best spot to beat out the competition.
The new funding is designed to help the company expand its global reach and further establish its mission to democratize AI for the masses. The resources will help the Silicon Valley startup scale its partnerships, sales, marketing, and customer experience activities on a global scale.
“Commonwealth Bank processes and makes decisions based on millions of data points collected every day. AI already has helped us to improve our customer experience, however, we know there is untapped potential to do more,” said Matt Comyn, Commonwealth Bank of Australia CEO. “The investment in and strategic partnership with H2O.ai extends our leadership in artificial intelligence and ultimately boosts the bank’s ability to offer leading digital propositions and reimagine products and services to customers.”