Venture Capital: Raises $100M; Commonwealth Bank Of Australia Buys Stake

The funding valued at $1.7 billion.

H2O, which enables businesses to build AI systems using its cloud-based platform, has raised $100 million in a series E round led by Commonwealth Bank of Australia (ASX: CBA) with participation from Goldman Sachs Asset Management, Pivot Investment Partners, Crane Venture Partners, Celesta Capital, and others. CBA acquires an undisclosed stake in H2O and is also its customer. (ZDNet)

As a customer, CBA will get help from H2O to improve its customer experience, have access to the latter’s cloud platform, and an on-site team of AI experts for new systems development. The bank will also become the exclusive financial services partner in Australia for H2O.

Existing investors also include customers and partners such as Wells Fargo (NYSE: WFC), New York Life and NVIDIA (NASDAQ: NVDA).

H2O will use the money to boost its global business including sales and marketing and expand its workforce.

Matt Comyn, Commonwealth Bank of Australia CEO, said: “Commonwealth Bank processes and makes decisions based on millions of data points collected every day. AI already has helped us to improve our customer experience, however, we know there is untapped potential to do more. The investment in and strategic partnership with extends our leadership in artificial intelligence and ultimately boosts the bank’s ability to offer leading digital propositions and reimagine products and services to customers.”

H2O’s aggregate funding to date is now over $250 million.

Related Story: Goldman Sachs and Ping An lead $ 72.5 million funding round in AI firm

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