While AI and machine learning may feel nebulous to many, enterprises have been adopting the technology in droves. Surveys by Gartner show that businesses' use of AI grew 270% over the past four years, while a report from Deloitte showed that 62% of respondents deployed some form of AI, up from 53% from the previous year.
Boston-based enterprise AI platform, DataRobot is one such company leading the charge in AI adoption. Launched in 2012 by Jeremy Achin and Thomas de Godoy, the Boston-based startup delivers trusted AI technology and enablement services to global enterprises. And its enterprise AI platform democratizes data science, with end-to-end automation for building, deploying, and managing machine learning models.
With DataRobot, data scientists can explore, combine, and shape datasets into assets ready for AI models courtesy of self-service tools. The platform supports a range of data types and content from traditional tabular data in rows and columns to free-form text, images, and geospatial data.
The company has said it works with brands such as Walmart Canada, Deloitte, Kroger, Humana, and Hearst Magazines. It helps companies boost revenue and earnings, decrease costs, improve customer satisfaction, and make technical teams more productive.
Most recently, DataRobot announced it raised $270 million in a funding round led by Altimeter Capital Management that values the company at more than $2.5 billion. Described as a “pre-IPO,” funding round, this indicates that the company clearly intends to make its debut on the public markets soon. Though, the company is yet to publicly set a date for its stock market listing.
The company last raised $206 million in a 2019 round that valued it at $1.3 billion, according to PitchBook. With its most recent round, it would have raised more than $700 million.
DataRobot intends to use its new money “to accelerate our rapid growth globally,” said Dan Wright, President and Chief Operating Officer. “Businesses need AI-driven insights into what will happen, rather than simply what has happened, in order to win in today’s increasingly competitive market.”