H2O.ai, an AI-backed cloud platform, has raised USD 100 million in a Series E funding round led by the Commonwealth Bank of Australia on 8 November 2021. H2O.ai has secured more than USD 250 million in funding to date.
Investors: Commonwealth Bank of Australia, one of the H2O.ai customers, led the latest funding round with participation from Goldman Sachs, Pivot Investment Partners and several others.
The Objectives behind the funding: The company plans to deploy the current proceeds to grow its workforce, add more features and launch new products. Moreover, H2O.ai and CommBank announced a partnership today in conjunction with the startup’s funding news.
Founded in 2012 by Sri Satish Ambati and Cliff Click, H2O.ai is the leading AI cloud company on a mission to democratize AI for everyone. The company’s platform provides machine learning and predictive analytics tools that allow organizations to rapidly build AI models and applications in the cloud or on-premise, helping data scientists across industries be more productive and deploy models faster, easier, and cheaper. Since 2019, H2O.ai has added a long list of capabilities to its platform, including over 45 pre-packaged AI applications aimed at several different industries, including healthcare, finance, retail and manufacturing, among others. H2O.ai is the trusted AI partner to over 20,000 global organizations, including AT&T, Aegon/ Transamerica, Allergan, Bon Secours Mercy Health, Capital One, Commonwealth Bank of Australia, GlaxoSmithKline, Hitachi, Kaiser Permanente, PayPal, PWC and Walgreens, over half of the Fortune 500 and one million data scientists. Goldman Sachs, NVIDIA and Wells Fargo are not only customers and partners but strategic investors in the company. H2O.ai’s customers have honoured the company with a Net Promoter Score (NPS) of 78— the highest in the industry based on breadth of technology and deep employee expertise.
What the Founder has to say:
“H2O.ai is picking winners in every vertical on every continent and making our customers AI superpowers to take on the tech giants. CommBank and H2O.ai are led by our core belief that we can make the world better while serving our communities and customers with excellence,” said Sri Ambati, Founder and Chief Executive Officer, H2O.ai.
What the Investor has to say:
CommBank Chief Executive Officer, Matt Comyn, said, “The collaboration will bolster the bank’s analytic capabilities and help improve the predictive accuracy of existing models, so we’re able to offer more personalised and targeted solutions at a faster rate.”
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