H2O.ai, the maker of a leading open source machine learning platform for building smarter applications, today announced the close of a $20 million Series B funding round. Paxion Capital Partners led the round with existing investors Nexus Venture Partners and Transamerica Corporation and new participant Capital One Growth Ventures joining. The Series B round brings H2O.ai’s total amount of funding raised to $34 million. Michael Marks, founding partner of Paxion and Walden Riverwood Capital will join the H2O.ai board of directors.
Algorithms are transforming every business,” said Sri Ambati, Co-founder and CEO of H2O.ai. “H2O reduces time to insight without the cost and lock-in of proprietary stacks and operationalizes data science through data products and smart applications. This funding will support the explosive growth in our customer community and the application developer ecosystem in key verticals emerging from the open source platform. We’ll further simplify the use of machine learning to transform rule-based software to real-time learning-based smart applications. We are excited to democratize the use of predictions via Excel and APIs in the cloud and make prediction as ubiquitous as search. Every business can tap into AI, not just BI.”
H2O.ai’s leading machine learning platform, H2O, has seen explosive download growth of 300% YoY, with active installations in over 5,000 organizations. Over 10 percent of the world’s data scientists now use H2O to create and deploy predictive models. This year alone H2O.ai signed 25 new customers including AT&T, Comcast, Kaiser Permanente, McKesson, Walgreens, Capital One, Progressive, Transamerica Corporation and Zurich Insurance Group.
We first came to H2O.ai as customers,” said Lauren Connolley, Venture Partner at Capital One Growth Ventures. “We were quickly impressed with H2O’s power to operationalize data science and the critical role H2O plays as a bridge between data science and application development. We are excited to partner with H2O.ai, working with them as they scale their efforts in financial services and help us as we develop unique solutions to better serve our customers.”
H2O.ai will use its Series B raise to scale the company’s sales, marketing and customer success teams and to support exponential growth in customers and community. Funds will also be used to build a robust ecosystem of partners on the H2O platform and its delivery via the Steam and Sparkling Water products.
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