H2O.ai, an AI cloud company, on Monday announced it has closed $100 million in Series E funding led by Australia’s largest bank, Commonwealth Bank of Australia (CBA). 

H2O.ai has raised over $250 million and is valued at $1.7 billion, the company said in a statement.

Pivot Investment Partners joined prior investors Goldman Sachs Asset Management and Crane Venture Partners, said the statement, adding existing investors included customers and partners such as Wells Fargo, New York Life and NVIDIA. 

The capital will be used to scale partnerships, sales, marketing and customer success globally.

“H2O.ai is picking winners in every vertical on every continent and making them AI superpowers to take on the tech giants. Our innovative maker culture and customer obsession have won.Our customers have led every growth funding round at H2O.ai,” said Sri Ambati, founder and CEO H2O.ai. 

“This strategic partnership between the leading global AI cloud movement and Australia’s largest bank will unleash the juggernaut of co-innovation and will further democratize AI with trust and freedom. This will be fun,” Ambati added.

Matt Comyn, CEO, Commonwealth Bank of Australia said, “Commonwealth Bank processes and makes decisions based on millions of data points collected every day. AI already has helped us to improve our customer experience, however, we know there is untapped potential to do more. The investment and strategic partnership with H2O.ai extends our leadership in artificial intelligence and ultimately boosts the bank’s ability to offer leading digital propositions and reimagine products and services to customers.”

Launched in January 2021, the H2O AI Cloud brings all of H2O.ai’s products together on a single, unified platform. Designed to support H2O.ai’s core mission of democratising AI, the H2O AI Cloud simplifies the process by making responsible AI that users can trust, operating it efficiently and innovating with pre-built AI applications.