H2O.ai The Silicon Valley Startup Raises $72.5 M Led By Goldman Sachs And Ping An - Insight Trending

H2O.ai The Silicon Valley Startup Raises $72.5 M Led By Goldman Sachs And Ping An

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H2O.ai The Silicon Valley Startup Raises $72.5 M Led By Goldman Sachs and Ping An
Meet H2O.ai. Co-founded in 2012 by CEO Sri Ambati, the open source leader in AI and machine learning for the enterprise, the startup has spent the last seven years working to make AI accessible to all. "H2O.ai is democratizing AI and powering the imagination of every entrepreneur and business globally - we are making them the true AI superpowers," said Ambati. "Our customers are unlocking discovery in every sphere and walk of life and challenging the dominance of technology giants. This will be fun." Today announced the latest release of its award-winning automatic machine learning platform, H2O Driverless AI. Key new capabilities include the ground-breaking ability to create recipes to extend and customize the platform; model administration and collaboration for management and deployment of models; and new explainable AI capabilities for fairness and bias checks.

H2O.ai also announced more than 100 open-source recipes that can be used for customization and extension of Driverless AI to empower customers to address specific nuances in their use cases and the ability to include their domain expertise in order to make their own AI. H2O.ai also is pleased to announce its next round of funding led by Goldman Sachs and Ping An.

Bengaluru: H2O.ai, an open-source platform that offers artificial intelligence and machine learning solutions for the enterprises, today raised $72.5 million in a Series D round led by Goldman Sachs and Ping An Global Voyager Fund, with participation from Wells Fargo, NVIDIA, and Nexus Venture Partners.

Today, the company’s open source data science and machine learning platform is used by nearly half of the Fortune 500 and trusted by over 18,000 organizations and hundreds of thousands of data scientists around the world.

"Our makers have been innovating relentlessly to simplify the AI to help with the scarcity of talent and time, and to bring trust, and explainability. This is a quantum leap in the fast-moving AI and autoML space,” Ambati said on Tuesday. 

"Every company needs to be an AI company. Our mission to democratize AI and empower all of our customers to be AI superpowers is one step closer with Bring Your Own Recipes in Driverless AI. Domain Experts can participate in the AI revolution that is transforming every vertical. We have created over 100 open source recipes, that are design patterns for AI and curated by our Grandmasters, Data Scientists and Domain Experts. We are excited to co-innovate with the community of customers to enhance and nurture an AI ecosystem," said Sri Ambati, CEO and Founder, H2O.ai. "Our makers have been innovating relentlessly to simplify the AI to help with the scarcity of talent and time, and to bring trust, and explainability. This is a quantum leap in the fast-moving AI and autoML space."

"We are expecting a rapid adoption of AI in capital markets, as AI models started demonstrating ROI," said Ediz Ozkaya, Head of Machine Learning Stats at Goldman Sachs. "H2O.ai is at the forefront of the space with Driverless AI, which enables us to inject our domain-specific AI capability into the platform in a consistent manner while protecting in-house IP and staying compliant."

"H2O Driverless AI speeds up machine learning by automating our data science workflow. With the new recipe capability, we can extend and customize the platform to meet our needs, such as estimating the prepayment risk of underlying loans in fixed-income assets like mortgage-backed securities," said Chris Pham, Senior VP Data Management and Data Science at Franklin Templeton. "Driverless AI is helping us accelerate our AI journey."

This Tuesday, H2O.ai also took its relationship with Goldman Sachs to a new level, as the finance giant led a $72.5mn Series D funding round, alongside Ping An, Wells Fargo and Nexus Venture Partners. 

"We're thrilled to partner with the H2O.ai team on their mission to democratize artificial intelligence," said Jade Mandel, Vice President, Principal Strategic Investments Group at Goldman Sachs. "Their deep technical bench and customer centricity make them well positioned to bring transparency and efficiency to the world of prediction."

"We are keen on how the power of artificial intelligence enables insightful and personalized client experiences, and enhances our work with our clients," said Basil Darwish, Managing Director, Strategic Investments at Wells Fargo. "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."

The current round raised the total funding in the company to around $147 million, the company said in a statement. Jade Mandel from Goldman Sachs will be joining the H2O.ai Board of Directors.

With this new round of investment, the company plans to accelerate innovation and expand sales and marketing globally. The new investment will be used to further simplify AI for business users with new and ground-breaking technologies.

H2O.ai investor base includes Barclays, Capital One, Crane Ventures, CreditEase, Goldman Sachs, New York Life, Nexus Venture Partners, NVIDIA, Paxion Ventures, Ping An Global Voyager Fund, SST Holdings, TransAmerica, Walden River Wood, and Wells Fargo.

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