H2O.ai receives US$100m boost with CBA stake

H2O.ai has received US$100 million Series E funding from a group led by Commonwealth Bank of Australia (CBA), its customer turned part owner.

With the latest cash injection, the AI Cloud company has now raised more than US$250 million for a valuation of US$1.7 billion. Its investors include Pivot Investment Partners, Goldman Sachs Asset Management, Crane Venture Partners, Wells Fargo, New York Life, and NVIDIA.

The funding will be used to scale partnerships, sales, marketing, and customer success globally.

“H2O.ai is picking winners in every vertical on every continent and making them AI superpowers to take on the tech giants with the H2O AI Cloud. Our innovative maker culture and customer obsession have won the trust and love of our customers and they have led every growth funding round at H2O.ai,” said Sri Ambati, Founder and CEO of H2O.ai.

According to Matt Comyn, CEO of Commonwealth Bank of Australia, the bank processes and makes decisions based on millions of data points collected every day.

“AI already has helped us to improve our customer experience, however, we know there is untapped potential to do more. The investment in and strategic partnership with H2O.ai extends our leadership in artificial intelligence and ultimately boosts the bank’s ability to offer leading digital propositions and reimagine products and services to customers,” he said.

Andrew McMullan, Chief Data and Analytics Officer of CBA, joins the H2O.ai Board of Directors.

H2O.ai and CBA have also entered a strategic partnership to further boost CBA’s AI capabilities, co-create financial services AI applications powered by the H2O AI Cloud and together work on initiatives to improve communities and the planet.

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