H2O.ai Raises $72.5 Mn in Series D Funding Led by Goldman Sachs, Ping An

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  • With this new funding, the company plans to accelerate innovation and expand sales and marketing globally.
  • Jade Mandel from Goldman Sachs will join the H2O.ai board of directors

Artificial intelligence (AI) firm H2O.ai on Tuesday said it has secured $72.5 million (about Rs 519.7 crore) in series D funding round led by Goldman Sachs and China-based Ping An Global Voyager Fund.

In an official statement, the company also announced that Jade Mandel from Goldman Sachs will be joining the H2O.ai board of directors as part of the deal.

The series D round also saw continued investment from Wells Fargo, NVIDIA and Nexus Venture Partners, the statement said.

With the latest infusion, the company has raised a total funding of $147 million.

With this new funding, the company plans to accelerate innovation and expand sales and marketing globally.

The fresh investment will also be used to further simplify AI for business users with new and ground-breaking technologies, the company said.

Expanding team

Currently, the company has a small presence in India with about half a dozen people and an AI Centre of Excellence in Chennai. The company plans to expand this to a team of 40 people in the next 12 months.

H2O Driverless AI, the company’s automatic machine learning platform, has helped tripled H2O.ai’s customer base. Its customers include names like 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,” H2O.ai founder and CEO Sri Ambati said.

Founded in 2012, H2O.ai’s investor base includes names like Barclays, Capital One, Crane Ventures, CreditEase, New York Life, Paxion Ventures, SST Holdings, TransAmerica and Walden River Wood.

 

Longjam Dineshwori

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