US-based augmented intelligence technology provider DataRobot yesterday confirmed it has raised $300m in a series G round featuring ServiceNow Ventures, the investment arm of enterprise software producer ServiceNow.
Technology investment firms Altimeter Capital and Tiger Global Management co-led the round at a $6.3bn post-money valuation. It included investment bank Morgan Stanley’s Counterpoint Global unit, Franklin Templeton and Sutter Hill Ventures.
DataRobot is the creator of a software platform which offers organisations automation tools to help them build, launch and manage machine learning models.
The cash will support platform development and the international growth of the company’s go-to-market team. It follows recent reports DataRobot had secured about $250m in funding.
The company has now received approximately $1.05bn since it was founded in 2012, $21m coming in a 2014 series A round led by New Enterprise Associates (NEA) and backed by insurance firm New York Life, IA Ventures and existing backer Atlas Venture.
NEA also led DataRobot’s $33m series B round in 2016, investing with New York Life, IA Ventures and Atlas Venture offshoot Accomplice as well as Intel Capital and Recruit Strategic Partners, on behalf of semiconductor technology producer Intel and human resources firm Recruit respectively.
DataRobot added $67.2m in series C funding from investors including NEA in 2017, and the venture firm returned in a $100m series D co-led by Meritech Capital and Sapphire Ventures and also backed by IA Ventures and DFJ Growth the following year.
Sapphire Ventures led a $206m series E round for the company in 2019 that included Intel Capital, NEA, DFJ Growth, Tiger Global Management, World Innovation Lab, Alliance Bernstein PCI, Geodesic Capital, Sands Capital, Meritech Capital and EDBI at a $1.2bn post-money valuation.
Data technology producer Snowflake, IT services firm HPE and Salesforce Ventures, the corporate venturing arm of enterprise software provider Salesforce, supplied $50m to close DataRobot’s series F round at $320m in November 2020 (it said this week), valuing it at $2.8bn.
Altimeter Capital, NEA, Tiger Global Management, Sapphire Ventures, T Rowe Price, Silver Lake Waterman, B Capital Group, Glynn Capital and ClearBridge also participated in the series F round, as did funds and accounts managed by BlackRock. DataRobot has also named networking technology producer Cisco as a backer.
Part of the funding went to DataRobot’s acquisition of Algorithmia, US-based machine learning software developer backed by internet technology provider Google’s artificial intelligence fund, Gradient Ventures, and e-commerce firm Rakuten, for an undisclosed amount.
Gradient Ventures and Rakuten unit Rakuten Ventures had joined fellow existing investors Osage University Partners, Madrona Venture Group and Work-Bench in a $25m series B round in mid-2019 that boosted Algorithmia’s overall funding to nearly $38m.
