H2O AI closes $100m funding led by Commonwealth Bank of Australia

Sri Ambati, Founder and Chief Executive Officer of H2O.ai

H2O AI, the Artificial Intelligence Cloud leader announced that it has closed $100m in Series E funding led by Australia’s largest bank, customer Commonwealth Bank of Australia.

H2O.ai has now raised over $250 million and is valued at $1.7 billion. Pivot Investment Partners joins prior investors Goldman Sachs Asset Management and Crane Venture Partners.

Existing investors include clients and partners like Wells Fargo, New York Life and NVIDIA.

Organizations, many data scientists and half of the Fortune 500 trust H2O.ai as their AI provider. The company has a Net Promoter Score (NPS) of 78, the highest in the industry.

The capital will be used to scale partnerships, sales, marketing, and customer success globally.

H2O AI welcomes funding from Comm Bank

Sri Ambati, the Founder and Chief Executive Officer of H2O.ai applauded the funding.

“H2O.ai is picking winners in every vertical on every continent and making them AI superpowers to take on the tech giants with the H2O AI Cloud.”

“Our innovative maker culture and customer obsession have won the trust and love of our customers and they have led every growth funding round at H2O.ai.”

“Commonwealth Bank and H2O.ai are led by our core belief that we can make the world better by serving our communities and customers with artificial intelligence.”

“This strategic partnership between the leading global artificial intelligence cloud movement and Australia’s largest commercial bank will help to unleash the juggernaut of co-innovation and will further democratize AI with trust and freedom. This will be fun.”

Comm Bank enters partnership with H2O AI

Matt Comyn, the Chief Executive Officer of Commonwealth Bank of Australia is buoyant.

“CBA processes and makes decisions based on millions of data points collected every day.”

“Artificial Intelligence has already helped us to facilitate the various improvements to our customer experience and we know that there is plenty of untapped potential to do more.”

“The partnership with H2O.ai extends our leadership in AI and boosts the bank’s ability to offer leading digital propositions and reimagine products and services to customers.”

Andrew McMullan, the Chief Data and Analytics Officer of CBA also expounded further.

“I have worked in this field for twenty five years and this is the best digital platform product that I have had the privilege of harnessing and leveraging in my career so far.”

“We’re committed to improving every one of the 35 million decisions that we deliver to our customers every single day–whether via our app, online banking platform, branches, or Australian call centers. In order to do that we had to find the best solution across the globe.”

“Every experience we build with H2O.ai has been significantly better than what it replaces.”

Andrew McMullan will additionally join the H2O.ai Board of Directors.

H2O.ai and Comm Bank have also entered a strategic partnership to further boost the bank’s AI capabilities, co-create financial services’ AI applications powered by the H2O AI Cloud and together work on initiatives to improve communities and the planet at large.

Stakeholder views on CBA and H2O AI partnership

Dinkar Jetley, the Co-Founder and Partner of Pivot Investment Partners offered applause.

“We are deeply impressed by the top-notch team at H2O.ai, its fast-growing roster of marquee clients and the traction it has achieved with its mission to democratize AI technology.”

“AI has the potential to transform financial services and insurance. We are excited to partner the leading AI Cloud company to accelerate this transformation across the industry.”

The rapid adoption of the H2O AI Cloud has accelerated growth. Launched in January 2021, the H2O AI Cloud brings all of H2O.ai’s products together on a single, unified platform.

Designed to support democratizing of AI, the H2O.ai simplifies making responsible AI that users can trust, operate efficiently and innovate with pre-built AI applications.

As companies respond to changing customer and employee needs in the Covid pandemic recovery, they have accelerated their digital transformation and AI adoption.

H2O.ai helps in every step of their AI journey to make it easier for clients to automate processes, gain insights from their data and delight their clients and employees.

Comm Bank is also participating in H2O.ai’s AI 4 Good initiatives and recently announced the launch of the H2O.ai Wildfire and Bushfire Challenge which is a global hackathon challenge aiming to help reduce the economic and climate impact of wildfires and bushfires.

The Challenge provides first responders, local leaders, businesses and the public with new AI applications so as to predict and mitigate the destruction caused by fires.

The Challenge is open now through January 15.