Pyramid Analytics, an artificial intelligence business analytics company, announced last Monday, November 25, that it had raised $50 million in new funding from BlackRock, the world’s largest asset manager.
It is worth noting that currently there is a tendency at the global level, within which firms seek to introduce machine intelligence in the space of their activities. Startups offering artificial intelligence services are now a bright spot in the private funding market.
Allied Market Research forecasts that the financial volume of the global big data and business analytics market will reach $665.7 billion by 2033. It is worth noting that last year the corresponding figure was $225.3 billion.
The Pyramid Analytics platform uses a combination of artificial intelligence and machine learning to simplify processes and data analysis for its customers, including, among others, the US Food and Drug Administration (FDA), Hallmark, Deloitte, and Volkswagen. The company is incorporated in Amsterdam and has offices in London, New York City, and Tel Aviv.
Pyramid Analytics did not disclose its equity valuation after receiving the investment funds.
As part of the latest funding round a Series E led by H.I.G. Growth Partners in May 2022, the company raised $120 million. At that time, the total investment received by Pyramid Analytics exceeded the $200 million mark. Media suggests that the company’s valuation currently stands at almost $1 billion.
John Doyle, managing director at BlackRock, said Pyramid Analytics sits at the intersection of data analytics and artificial intelligence capabilities.
As we have reported earlier, Databricks Closes in on Multibillion Funding Round at $55 Billion Valuation.
