H2O.ai, a Mountain View, Calif.-based provider of an open source machine learning platform, raised $20m in Series B funding.
The round was led by Paxion Capital Partners with participation from existing investors Nexus Venture Partners and Transamerica Corporation and new investor Capital One Growth Ventures. In conjunction with the funding, Michael Marks, founding partner of Paxion, joined H2O.ai’s board.
The company, which has now raised $34m in total funding, intends to use capital to scale sales, marketing and customer success teams, grow customers and community, build an ecosystem of partners on the platform and its delivery via the Steam and Sparkling Water products.
Led by Sri Ambati, Co-founder and CEO, H2O.ai provides an open source machine learning predictive analytics platform offering a combination of math and high performance parallel processing with support for R, Python, Scala, Java and a robust REST API.
The solution is used by insurance, healthcare and financial services companies to make predictions about churn, pricing, fraud etc.