US-based machine learning services provider H2O.ai obtained $40m in a series C round yesterday co-led by graphics processing unit (GPU) manufacturer Nvidia and financial services firm Wells Fargo.
Insurance providers New York Life and Transamerica, through its Transamerica Ventures unit, also took part in the round, as did Crane Venture Partners and Nexus Venture Partners.
Initially known as 0xdata before rebranding to H2O.ai in 2014, the company has developed machine learning and predictive analytics platform aimed at enterprises.
The company’s Driverless AI platform automates artificial intelligence (AI) processes for non-technical users and presents relevant information in plain English.
The series C cash will go towards the further development of the company’s offering and an international expansion. The company partnered Nvidia in May 2017 to bring its technology to the corporate’s chips.
H2O.ai has now raised $75m in funding. Transamerica and financial services firm Capital One’s investment arm Capital One Growth Ventures took part in a $20m series B round in 2015 that was led by Paxion Capital Partners and also included Nexus Venture Partners.
Transamerica Ventures had already participated in an $8.9m series A round in 2014, co-led by Rakesh Matur, Michael Marks and Ash Bhardwaj.
Jeff Herbst, vice-president of business development at Nvidia, said: “AI is an incredible force that is sweeping across the technology landscape.
“H2O.ai is exceptionally well positioned in this field as it pursues its mission to become the world’s leading data science platform for the financial services industry and beyond.
“Its use of GPU-accelerated AI provides powerful tools for customers, and we look forward to continuing our collaboration with them.”