AI firm DataRobot raises US$206m Series E funding; EDBI joins as new investor

US-BASED AI (artificial intelligence) firm DataRobot has raised US$206 million in a Series E funding round led by Sapphire Ventures, the company announced in a press statement on Tuesday. 

New investors include Singapore's Economic Development Board investment arm, EDBI; Tiger Global Management; World Innovation Lab and Alliance Bernstein.

Also participating in this financing round are existing investors DFJ Growth, Geodesic Capital, Intel Capital, NEA, Meritech and Sands Capital, which "significantly increased its ownership", the company said. 

This latest round brings DataRobot's total funding to US$431 million. 

According to the company, it has been posting triple-digit annual recurring revenue growth every year since going to the market in 2015, with its platform being adopted by a third of the Fortune 50 companies. Some customers include Walmart Canada and Deloitte. 

The Series E financing will be used to build on its growth momentum, specifically to continue developing its platform which includes automated machine learning, as well as for potential acquisition opportunities, DataRobot said. 

In June, the AI company acquired ParallelM, a Santa Clara machine learning company. It also acquired Cursor, a San Francisco data collaboration platform earlier this year.

Jai Das, president and managing director of Sapphire Ventures, said: "AI is fundamentally changing the way the world works, and DataRobot is delivering on its promise to make all enterprises AI-enabled to drive innovation and value. We're pleased to expand our stake in DataRobot, as they rapidly scale and expand the capabilities of their platform through R&D (research and development) and strategic acquisitions."