According to a recent report from TechCrunch,,AI platform developer H20.ai has received $100 million in new investment capital during its Series E funding round. As a result, the startup is now valued at an impressive $1.7 billion, and is gaining new attention from businesses outside of the tech sector.
The last investment round was led by the Commonwealth Bank of Australia (a current customer of H20.ai), and included support from Goldman Sachs, Pivot Investment Partners, Crane Venture Partners and Celesta Capital. With this new funding, H20.ai plans to accelerate business growth with new product development, as well by hiring additional employees.
For those unfamiliar with H20.ai, the company offers an open-source platform for companies to jumpstart AI integrations. In addition to this service, the company offers a number of diverse AI-based solutions, including fraud detection, price optimization, and churn prediction. Though many of these solutions seem to target banking and finance professionals, companies in food service, logistics, and even consumer goods are flocking to H20.ai to reap the benefits of artificial intelligence.
Ai capabilities have made serious progress over the last decade, and has officially reached a point where literally any business can incorporate the technology into digital infrastructure. While AI is often synonymous with more tech-centric business, such as social media or gaming companies, it has now proven to be incredibly useful for businesses with high amounts of digital activity.
Founder and CEO of H20.ai Sri Ambati told TechCrunch,“Our open source platform gives freedom and ability for customers to build their own AI centers of competence and excellence. We are like the Tenzing Sherpas of the AI mountains helping our customers to traverse and conquer AI peaks.”
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Edited by Maurice Nagle