H2O.ai, a leading name in Open Source artificial intelligence and automatic machine learning, announced that it has secured $72.5 million from a Series D funding event.
The $72.5 million that H2O.ai has raised from its most current round of funding comes from Goldman Sachs and Ping An Global Voyager Fund. The involvement of Goldman Sachs won’t only be limited to being an investor. It’s Vice President for Principal Strategic Investments Group, Jade Mandel will be joining H2O.ai’s board.
“We’re thrilled to partner with the H2O.ai team on their mission to democratize artificial intelligence,” said Mandel.
According to H2O.ai’s Chief Executive and founder Sri Ambati, the money that they have raised will be used to expand its global sales and marketing teams. It would also be used for developing and building more products.
Over the past couple of years, the Silicone-based company has raised a total of $147 million. Since its founding, H2O.ai has gone through a series of funding including its seed round in 2013. In 2017, it saw one of its biggest growth after a Series C funding that raised $75 million. Wells Fargo and NVIDIA led the funding with their $40 million investment. Other participants included Crane Venture Partners, New York Life, Transamerica Ventures, and Nexus Venture Partners.
When H2O.ai was launched in 2012, this growing open source software start-up had a vision of being a driving force and a game-changer in artificial intelligence. To make this vision a reality, it has created platforms and technologies that make artificial intelligence more accessible to different types of organizations.
The company aims to provide an easy, cheap, and fast application for companies that wish to adapt to the evolving artificial intelligence landscape but lack time and manpower resources. Through its open-source platform, H2O.ai would be able to democratize artificial intelligence for everyone in the world.
Over the years, H2O.ai’s open-source community has continued to grow. Back in 2017, the company only had about 70 employees. In 2019, the company has grown to around 175 employees. It currently has a pool of more than 12,000 organizations and 129,000 data scientists.
Apart from its US-based locations, H2O.ai also has a presence in India and the Czech Republic. The company has an AI Center of Excellence located in the cities of Chennai and Prague. In India, there are about half a dozen team members but there are plans to grow it in the next year. In the future, more facilities are set to be rolled out around the world.
With its growth and expansion, H2O.ai will continue to support the AI for Good Foundation with its focus aimed at water conservation and wildlife. The start-up would also be investing more in its academic program that gives students, universities, and researchers access to its portfolio freely.
In the past two years, the company has seen a 330% increase in the number of its users. Analysts say that it is mostly due to the start-up’s ability to stay true to its promise of machine learning and artificial intelligence accessible. In 2018, with its complete vision for the future of AI and machine learning, H2O.ai was named a Leader by Gartner’s 2018 Magic Quadrant for Data Science Platforms.
H2O.ai and its suit if products are currently being used by almost half of the companies listed on the Fortune 500. They are also being used by top companies including Booking.com, Capital One, Comcast, Hitachi, Walgreens, Wells Fargo, and many others.
Two years ago, in 2017, H2O.ai launched its main product – H2O Driverless AI. The product was named after the idea that people who are not experts in artificial intelligence can make the most out of this tool without needing the help or assistance of data scientists.
“Driverless AI is automatic machine learning, which brings the power of world-class data scientists in the hands of everyone,” said Ambati.
H2O Driverless AI removes constraints and roadblocks that stop different types of organizations from making use of machine learning and artificial intelligence. Through H2O Driverless AI, companies and their teams are empowered to incorporate AI in their businesses.
The platform has managed to simplify the use of AI across different industries including healthcare, retail, financial services, telecommunications, marketing, pharmaceutical, and insurance.