US-based intelligent automation software provider Hive disclosed $85m in series C and D funding yesterday from investors including payment services firm Visa and consulting firm Bain & Company.
Technology investment firm Glynn Capital has led the company’s $50m series D round, investing alongside Bain & Company, General Catalyst, Tomales Bay Capital and Jericho Capital at a $2bn valuation.
Bain & Company and Visa had participated in a previously unrevealed $35m series C round led by Tomales Bay Capital in 2020, valuing Hive at $1bn.
Hive provides artificial intelligence-equipped software tools which bring automation to areas such as contextual advertising, content moderation, advertising and sponsorship data tracking and document parsing. The cash will go to sales and marketing as well as the enhancement of its deep learning models.
Kevin Guo, Hive’s co-founder and CEO, said: “We have entered a new era where deep learning models can make human-level intelligence scalable for an increased number of practical and high value automation use cases. We believe best-in-class AI should be accessible to companies of any size with the simplicity of an API call.”
The company said it has now raised $121m altogether. General Catalyst led its $2m seed round 2014 and returned for a $13m series A led by 8VC and also backed by Founders Fund. It described Jericho Capital as a returning investor, and its backers also include Bracket Capital.
