DataRobot raises $206mn in Series E funding round
DataRobot gains new investors as the demand for integrated AI solutions demands fresh understanding and implementation processes
Sapphire Ventures is leading a US$206mn Series E investment round on behalf of DataRobot, a global leader in AI innovation. This brings the current total of funding to $431mn Current investors like DFJ Growth, Geodesic Capital, Intel Capital, and Sands Capital, took the opportunity to strengthen their relationship with the company and were joined by new investors Tiger Global Management, World Innovation Lab, Alliance Bernstein PCI, and EDBI.
The expectations for AI within the global market are considerable and these are matched by a common misconception that AI and automation will only serve to distance human labour from the workforce. Of course, these new technologies need to be properly understood and maintained by skilled workers to have maximum impact within a business. For these goals to be achieved smoothly AI needs to be accessible and user friendly.
“That level of understanding is extremely useful in thinking about how to apply [artificial intelligence] in business,” he said. “If all you know is that it’s something like magic, you can’t really think very hard or very far about how to use it in business without talking to a magician. For example, if you don’t know enough, you’ll ask for all kinds of things that can’t be done.” Said MIT Sloan professor Thomas W. Malone, director of the MIT Center for Collective Intelligence.
DataRobot is determined to educating every organisation on the culture shift surrounding AI deployment by assembling a team of prominent data scientists, engineers, business leaders, and thinkers to make this a possibility. By laying the foundations for digital transformation as business can prepare itself for the successful implementation of sophisticated next-gen business technology, lowering costs and operational inefficiency in the process.
PwC estimates AI could contribute up to £15.7tn to the global economy by 2030 but only if businesses are conscious of the barricades that can obscure the vision of AI intergration. DataRobot have already had success with brands such as Walmart Canada, Deloitte, Kroger, Humana, and Hearst Magazines, seeing increases in earnings, decreased overheads and an improved customer satisfaction.
“We are humbled by the confidence our investors have in our unprecedented vision and ability to execute,” said Jeremy Achin, CEO and Co-Founder of DataRobot. “We’re proud of our entire organization for their work in building a game-changing product and bringing transformational success to our customers.”