H2O.ai, an AI and machine learning developer, has received $72.5m in its Series D round to support its global marketing and sales efforts.
The capital injection was led by Goldman Sachs and the Ping An Global Voyager Fund. Previous H20.ai investors Wells Fargo, NVIDIA, and Nexus Venture Partners also made contributions to the new round.
As part of the deal, Goldman Sachs vice president Jade Mandel will join the H20.ai board of directors.
H20 has raised a total of $147m in funding to date, with its former round closing on $40m in 2017. Since the previous round, the company has tripled its customer base and extended its operations to reach every continent.
Capital from the round is being used to accelerate innovation and expand sales and marketing efforts globally. Additionally, the funds will be used to simplify its AI technology further for businesses, as well as build upon its academic program which makes its services freely available to students, researchers and universities.
Finally, H20 hopes to support AI4Good with a focus on wildlife and conservation.
The company was founded in 2012 and provides machine learning and AI software to financial services, insurance firms, healthcare providers, marketing and telecom companies, and retail platforms.
Insurance companies leverage the technology to support their fraud mitigation, customer retention, personalised rate management, customised product bundling, and claims management.
Financial services leverage the technology to transform their credit risk scoring, anti-money laundering and know your customer processes, fraud detection, and anomaly detection.
Wells Fargo managing director Basil Darwish said, “We are keen on how the power of artificial intelligence enables insightful and personalized client experiences and enhances our work with our clients.
“H2O.ai’s focus on machine learning transparency and model interpretability facilitates adoption across our industry, and we are delighted to continue to invest in H2O.ai and to further deepen our partnership.”
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