Funding will expand company’s reach into insurance, finance and healthcare sectors.
Software company H20, which offers an open-source machine-learning platform, announced that they have closed a successful Series B funding round. In a Nov. 9 release, the company reported that they have now raised a total of $34 million and signed over 25 Fortune 500 companies on as customers so far this year for their scalable, open-source intelligence products. The company and their partners say artificial intelligence and business intelligence walk hand in hand.
“You know something special is happening when sophisticated algorithms are given speed through parallel and distributed architecture and made accessible through easy to use APIs and open source,” said Jishnu Bhattacharjee, managing director of Nexus Venture Partners, in the release. “Applications are getting smarter; graduating from rule-based operations to intelligent actions driven by the new SQL: machine learning.”
H20.ai plans to use the funding to transform their open-source intelligence platform into real-time smart applications and make predictions accessible through Excel and the cloud, and to increase their customer service and marketing efforts as they expand into the insurance, finance and healthcare verticals. The H20 platform will be delivered through the company’s “Steam” product, which is an open-source data hub, as well as their “Sparkling Water” product, which combines machine-learning algorithms with Apache Spark streaming.
According to H20.ai, current customers signed just this year include AT&T, Comcast, Kaiser Permanente, McKesson, Walgreens, Capital One, Progressive, Transamerica Corporation and Zurich Insurance Group.
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