H2O.ai partners with CBA post raising $100M in Series E funding round

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American AI cloud platform, H2O.ai has secured a sum of $100 million in a Series E funding round led by Commonwealth Bank of Australia (CBA) along with participants like Celesta Capital, Crane Venture Partners, Pivot Investment Partners, Goldman Sachs, and others.

The round brings the company’s total raised funds to more than $251 million, valuing it at $1.6 billion. As per reliable sources, H2O.ai has also inked a partnership agreement with CBA for boosting the latter’s AI capacities and generating better community and customer outcomes at a faster pace.

According to Sri Satish Ambati, H2O.ai CEO and Co-founder, the company’s AI cloud platform provides a deep set of capabilities that help data scientists in assessing their models and also provide assistance in explaining the same to business executives and users.

Additionally, the integrated platform monitors and hosts the ethically built and understood models, for ensuring ongoing business success, highlighted Mr. Ambati. H2O.ai works closely with customers for ensuring the success of their AI initiatives and is capable of helping them move from lab experiments to real business value.

Meanwhile, Matt Comyn, CEO of CBA, expressed his opinion on the recent capital infusion by stating that the investment in H2O will bolster the bank’s ability to furnish AI-powered services and products to customers.

This will strengthen CBA’s analytics capabilities, further helping in the enhancement of predictive accuracy of its current models. This will further enable the delivery of more targeted and personalized solutions at a rapid rate, adds Comyn.

Originally Oxdata, H2O.ai was established in 2012 and came up from an open source project that was designed for integrating with data science workflows written in the programming language R.

Early on, the company had to lay off a part of its workforce and pivoted in 2016 to working closely with some major clients and rolling out cloud services that could be promoted via conventional marketing and sales channels.

Source credit: https://venturebeat.com/2021/11/07/h2o-ai-secures-100m-lands-partnership-with-australian-bank/