DataRobot, the US-based artificial intelligence software producer backed by corporate investors Cisco, Recruit, Intel, Citi and New York Life, secured $270m in series F funding yesterday.
The capital came from new and existing investors including T. Rowe Price, Tiger Global Management, Silver Lake Waterman, B Capital Group, Glynn Capital, ClearBridge, New Enterprise Associates (NEA), Sapphire Ventures and funds and accounts managed by BlackRock.
Founded in 2012, DataRobot has created an AI platform that enables enterprise customers to create and manage machine learning models that can help optimise their business performance.
The transaction more than doubled the company’s valuation to more than $2.7bn and was described as a pre-IPO round.
Sapphire Ventures led DataRobot’s last round, a $206m series E in September 2019 that included Intel Capital, the corporate venturing arm of semiconductor and data technology producer Intel, valuing the company at $1.2bn post-money.
Tiger Global Management, the Singapore state-owned EDBI, World Innovation Lab, Alliance Bernstein PCI, Geodesic Capital, DFJ Growth, Sands Capital, NEA and Meritech Capital also contributed to the series E round, which took DataRobot’s total funding to $431m.
DataRobot raised $100m from Meritech Capital, Sapphire, DFJ Growth, NEA and IA Ventures in late 2018, having closed an NEA-backed series C round at $67.2m the previous year.
NEA led the company’s $33m series B round in 2016, investing alongside Intel Capital, insurance firm New York Life and Recruit Strategic Partners, on behalf of human resources firm Recruit, in addition to Accomplice and IA Ventures.
The series B round came two years after a $21m series A round led by NEA and backed by New York Life, Atlas Venture and IA Ventures.
DataRobot also named networking technology provider Cisco and Citi Ventures – the investment arm of banking group Citi – as investors this week, along with Altimeter Capital and ClearBridge Investments.
