Cloud-based artificial intelligence platform H2O.ai has successfully secured $100 million in Series E growth funding, with Commonwealth Bank of Australia leading the investment.
Based in Silicon Valley, H2O.ai offers a cloud-based machine learning solution known as H2O AI Cloud, and boasts a roster of esteemed clients and investors, including Goldman Sachs and Wells Fargo.
As a pivotal aspect of this exclusive partnership, Commonwealth Bank will implement H2O.ai’s AI Cloud across its organization, engaging data scientists, data engineers, and business users. Additionally, a dedicated team from H2O.ai, consisting of machine learning engineers and product experts, will focus on developing innovative AI solutions tailored for the bank.
Dr. Andrew McMullan, CBA’s Chief Data & Analytics Officer, stated, “This collaboration positions us to better assist customers in discovering personalized and relevant offers, helping them save money while shopping on platforms such as Little Birdie, Karta, CommBank Rewards, and Klarna. Our goal is to become one of the highest quality, lowest-cost sources of leads for our business clients.”
He further emphasized the benefits of the partnership: “H2O.ai will enhance our ability to forecast bills and predict cash flows for both retail and business customers, empowering them to plan effectively. Customers desire control, and through our award-winning app, driven by artificial intelligence, we can provide timely products and services to manage unforeseen expenses or inconsistent income.”
The Commonwealth Bank is also joining H2O.ai’s AI4Good initiatives, recently announcing its participation in the H2O.ai Wildfire and Bushfire Challenge, a global hackathon aimed at mitigating the economic and environmental effects of wildfires.
McMullan added that this collaboration would bolster the bank’s sustainability efforts: “We are not only guiding customers in making informed financial decisions but also assisting them in lowering and offsetting their energy consumption and carbon emissions. Our AI models will help orchestrate a variety of services within the CBA ecosystem, including offerings such as the Green Loan designed to support homeowners in financing solar installations or battery systems, alongside new partnerships like Amber Energy and CoGo.”