H2O.ai raises $72.5m led by Goldman Sachs, Ping An Global Voyager Fund

Ping An sign board. Photo: Bloomberg

US-based enterprise-focused artificial intelligence (AI) startup H2O.ai Tuesday announced that it has secured $72.5 million in a Series D funding round led by Goldman Sachs and the Ping An Global Voyager Fund as it looks to expand footprint in China and other Asian markets.

Existing investors who participated in the financing included Wells Fargo, NVIDIA, and Nexus Venture Partners. The latest round takes the company’s total funding to $147 million till date, H2O.ai said in a statement.

As part of the investment, 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 technologies, the statement added.

“Businesses around the world grapple with the challenge of applying machine learning in what are often resource constrained situations. We’ve been deeply impressed with the combination of technical sophistication and ease of use present in all of H2O.ai’s offerings, and we look forward to helping expand the H2O.ai footprint in China and across Asia,” said Donald Lacey, Managing Director and COO of the Ping An Global Voyager Fund.

H2O.ai further said it will continue to innovate to support AI4Good with a focus on wildlife and water conservation, and invest in its academic program that makes the H2O.ai portfolio freely available to students, researchers and universities.

Founded in 2012, H2O.ai raised $40 million in its Series C round led by Wells Fargo and NVIDIA in November 2017. It also counts Barclays, Capital One, Crane Ventures, CreditEase, Paxion Ventures, SST Holdings, TransAmerica, and Walden River Wood among its investors.

Since the last round, H2O Driverless AI claims to have tripled H2O.ai’s customer base with expansion across every industry on every continent. H2O.ai has also grown its global footprint with AI centers of excellence in Prague and Chennai.

Its clientele include Booking.com, Comcast, Commonwealth Bank of Australia, Franklin Templeton, Hitachi, Nationwide Insurance, PwC, Tokio Marine, among others.

“The results we’ve got with H2O are promising, we are now looking at wider adoption of the AI models across the equity trading floor for market making,” said Erdit Hoxha, Head of European Equity Trading at Goldman Sachs Securities Division.

 

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.