A data science company, DataRobot has reported secured a Series E funding round of an estimated $200 million which will be used to develop its artificial intelligence software and automated machine learning.
The company laid its foundation in 2012 and since then, it has raised more than $400 million in venture capital and the numbers are only going to go up. In a statement, the company stated that “DataRobot continues to experience significant growth, which is attracting an increased level of interest in the company. If and when we raise funding, we will make a formal announcement.”
As informed by the company, some of the funding have also been utilized towards acquisitions. For example, in 2017 DataRobot acquired Nutonian. In 2018, it bought Nexosis, and in 2019 it has already purchased two startups, Cursor and ParallelM.
CEO Jeremy Achin told that the strategy behind adding cash to its coffers is mainly to maintain competitiveness in the enterprise machine learning sector. He said: “The worst thing is to take it easy and competitors start to catch up.”
Entrepreneurs and organizations are keen on growing today and securing funding and acquiring companies has come out as the two most lucrative options. It is interesting to see how companies are immensely spending their funding on new age technologies to make their businesses sharp in this rapidly growing digital world.