Boston is well on its way to becoming the country's hub for AI.
On Tuesday, DataRobot, the enterprise AI company with its headquarters in Downtown Boston, announced that it had raised a $206 million Series E investment round led by Sapphire Ventures.
Tiger Global Management, World Innovation Lab, Alliance Bernstein PCI, and EDBI joined the round as new investors. Existing investors DFJ Growth, Geodesic Capital, Intel Capital, and Sands Capital significantly increased their ownership, and NEA and Meritech also participated in the round.
The Series E round brings the company’s total funding to $431 million, according to a press release. That reportedly makes DataRobot a unicorn, having passed the $1 billion valuation threshold, according to Xconomy and Forbes. DataRobot was also featured on Forbes' first-ever "AI 50" list today. (A DataRobot spokesperson declined to comment on the company's valuation.)
The new funding will help DataRobot continue to create "an end-to-end platform that helps organizations derive massive value from AI," a spokesperson wrote in an email. In the same breath that it announced the Series E round, the company also debuted a new product offering, MLOps, intended to combine DataRobot’s existing model management and monitoring solution with capabilities from MLOps company ParallelM, which DataRobot acquired in June.
In October 2018, DataRobot raised $100 million in a Series D round also led by Sapphire Ventures along with the firm Meritech. Earlier this year, in July, it launched its "AI for Good" program.
DataRobot has been an AI giant in Boston since it moved to the city from Connecticut almost exactly six years ago.
“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,” Jai Das, president and managing director of Sapphire Ventures, said in the press release. “We look forward to continuing to help build one of the world’s fastest growing AI companies.”
