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The mission of H2O.ai is to democratize artificial intelligence by providing a set of tools allowing companies to no longer depend on teams of computer scientists. Today, he received a bushel of money to help. The company announced a $ 72.5 million Series D round led by Goldman Sachs and the Ping An Global Voyager fund.
Previous investors Wells Fargo, Nvidis and Nexus Venture Partners also participated. According to the terms of the agreement, Jade Mandel of Goldman Sachs will join the H2O.ai board. Today's investment brings the total to $ 147 million.
It should be noted that Goldman Sachs is not just an investor. It is also a client. Sri Ambati, CEO and co-founder of the company, says the fact that Wells Fargo and Goldman Sachs customers led the last two sessions is a validation for him and his company. "The clients have come out of the ranks for us twice in a row. The last time the C series was led by Wells Fargo, we were their favorite platform. Today's day was led by Goldman Sachs, who is a strong customer for us and a strong supporter of our technology, "Ambati told TechCrunch.
The company's main product, H2O Driverless AI, introduced in 2017, takes its name from the fact that it offers people who are not AI specialists the benefit of AI technology without the need to a team of scientists. "The unmanned artificial intelligence is a machine learning, which puts the power of a first-rate data scientist in the hands of all. It automatically builds models using machine learning algorithms of all kinds, "explained Ambati.
They have introduced today a new recipe concept, which provides all the ingredients of AI and instructions for building models for different business requirements. H2O.ai's team of data scientists has created and opened 100 revenue sources, such as credit risk assessment, anomaly detection and property valuation.
The company has been growing since its 2017 C series, while it had 70 employees. Today, it has 175 and has tripled the number of customers since the previous round, although Ambati did not discuss the exact number. The company has its roots in open source and has 20,000 users of its open source products, according to Ambati.
He did not want to discuss evaluation and did not want to say when the company could become public, claiming that it was just starting for AI and that it was working hard to build a company in the long run.
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