The company plans to use the financing to build on existing momentum and to continue the development of the DataRobot platform.
On Tuesday (17 September), Boston-based DataRobot announced a $206m Series E investment round, which brings the total raised by the company to $431m.
The funding round was led by Sapphire Ventures. Existing investors DFJ Growth, Geodesic Capital, Intel Capital and Sands Capital all significantly increased their stake, while NEA and Meritech also participated in the round.
There were a number of new investors, including Tiger Global Management, World Innovation Lab, Alliance Bernstein PCI and EDBI.
Jeremy Achin, CEO and co-founder of DataRobot, said: “We are humbled by the confidence our investors have in our unprecedented vision and ability to execute.
“We’re proud of our entire organisation for their work in building a game-changing product and bringing transformational success to our customers.”
The company describes itself as a leader in enterprise AI and automated machine learning. Its platform can be used to empower teams to rapidly build and deploy machine-learning models and create advanced AI applications.
The company offers a library with hundreds of open source machine-learning algorithms, with the aim of accelerating and scaling data-science capabilities while maximising transparency, accuracy and collaboration.
Since it was founded in 2012, DataRobot’s platform has been adopted by a third of the Fortune 50 companies. More than 1bn models have been built on DataRobot’s platform and the firm has seen triple-digit annual recurring revenue growth each year since going to market in 2015.
DataRobot said it will use the finance to build on this momentum, specifically supporting the continued development of the platform. The company is also considering potential acquisition opportunities, now that it has reportedly surpassed a $1bn valuation.
In addition to announcing the financing round, the company also launched DataRobot MLOps, a new solution for deploying, monitoring and managing machine-learning models across the enterprise.
President and marketing director at Sapphire Ventures, Jai Das, said: “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.
“We’re pleased to expand our stake in DataRobot as they rapidly scale and expand the capabilities of their platform to continuing to help one of the world’s fastest growing AI companies.”