H2O.AI today announced that it raised a $40 million in funding.
Today’s investment brings the total raised by the six-year-old company to $75 million.
H2O.ai, whose mission is to simplify and democratize machine learning and artificial intelligence, says it will use the new funding to further that initiative as well as expanding globally, with a focus on partnerships in Europe, specifically in London, Amsterdam and Munich with engineering teams in Prague.
The Mountain View California-based company has taken a different approach in comparison to big tech companies such as Google, Amazon, Facebook, Microsoft, and Salesforce who are attempting to take advantage of the AI market by building proprietary tools and utilizing almost all of the elite talent.
Actually, the best data scientists all want to work for the same few companies leaving a major talent gap, making it even harder for the smaller companies to compete.
That's the problem that H2O.ai is solving with H2O, their open source machine learning platform of tools and products that make it easy for enterprises that don’t necessarily have the resources to hire data scientists and programmers with deep AI knowledge, to build smart applications.
All of H2O.ai’s products help to make AI more accessible, but Driverless AI, launched last summer, steps it up another level by bringing a high level of automation to many of the tough decisions that need to be made when preparing a model.
However, the startup still works with some of the biggest players including Capital One, Progressive Insurance, Comcast, Walgreens and Kaiser Permanente, with its flagship product.
H20.ai, which was founded in 2011, claims that 100,000 data scientists, 12,400 organizations and nearly half of the Fortune 500 are using their products.
By next year, the company expects a third of its business to come from Europe and UK.It will focus on Asia in the next year, with initiatives in Singapore and Japan.