Artificial intelligence technology company DataRobot said on Tuesday it has raised $300m in a funding round led by Altimeter Capital and Tiger Global, more than doubling its valuation to $6.3bn.
New investors including Counterpoint Global, the investment arm of Morgan Stanley, Franklin Templeton, software investor ServiceNow Ventures and private equity firm Sutter Hill Ventures participated in the round.
The funding round is expected to be the last private fundraiser before a stock market flotation of the company, Reuters reported last month.
Founded in 2012, DataRobot offers a subscription-based machine learning platform to help companies use big data to made predictions, a process that otherwise would require manual effort.
The company said last year its annual recurring revenue was well over $100 million, after a pickup in growth during the pandemic.
After its last fundraising in November, the company was valued at $2.7 billion. Its customers include United Airlines Holdings Inc and Deloitte.
Besides strengthening its platform, the fresh infusion of funds will also be used for hiring across North America, EMEA (Europe, Middle East and Africa) and Asia Pacific or Japan, the company said.
Separately, the company also said it had acquired machine learning operations platform Algorithmia.
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The 1.3 million Sq Ft. asset occupies the entire block bounded by 11th and 12th avenues (the West Side Highway), and West 27th and West 28th streets.
Originally constructed as a warehouse building in 1891 designed by naval architect and engineer George Mallory Terminal Warehouse is presently undergoing a sweeping transformation and modernization that will restore its infrastructure to its former glory while meeting today’s creative office’s needs retail tenants.
L&L and Columbia are investing significant capital into repositioning the property, and converting approximately 500,000 Sq Ft. of self-storage space to Class A office use.
Maintaining much of its distinctive original features, the building features ceiling heights ranging from nine to 20 feet and architectural details, such as oversized arch windows and exposed brick walls.
Source: Domaintrip
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