H2O.ai recently managed to raise over 86 million euros ($100 million) in an investment round. In addition, the AI specialist is entering into a partnership with one of its investors, Australia’s Commonwealth Bank of Australia, also known as CommBank.
With the amount raised, H2O.ai plans to invest in the development of new functionality, products and growth of the number of employees. In addition to Australian CommBank, investment bank Goldman Sachs and venture capitalist Pivot Investment Partners participated in the investment round.
H2O.ai specializes in ‘democratize AI’ for businesses and other institutions. More specifically, it focuses on better enabling the use of AI, such as machine learning, by, for example, further automating the training of AI models and maintaining the technical operation and infrastructure for the operation of these models.
H2O AI Hybrid Cloud Platform
For this, the AI specialist provides services such as automated machine learning (autoML) and time series forecasting. Services are delivered through the cloud-based platform H2O AI Hybrid Cloud that allows customers to develop, execute and deploy their AI models.
AI work that can be performed with the cloud platform includes the training of models. According to its developer, the H2O Hybrid Cloud Platform automatically finds the right neural network for the task that the model ultimately needs to perform. Afterwards, the platform automatically optimizes the configuration or hyperparameters for reasons of performance.
In addition, the cloud platform helps with feature composition in AI projects so that the neural networks can deliver actual results. Lastly, the H2O Hybrid Cloud Platform is suitable for performing various maintenance tasks on the AI models.
Ultimately, the functionality of the platform should ensure that these models continue to work consistently accurately — and for this purpose, it finds and resolves relevant problems.
In addition to the recent investment round, H2O.ai and Australian CommBank have announced a collaboration. The two parties will work together to develop more analytics tools and applications. These tools should enable the bank to improve the predictability of existing AI models, aiming to give customers more personalized and targeted offers.