FILE PHOTO: AI (Artificial Intelligence) initials are placed on computer motherboard in this illustration taken, June 23, 2023. REUTERS/Dado Ruvic/Illustration/File Photo
(Reuters) - Pyramid Analytics, an AI business analytics company, said on Monday it has raised $50 million in new financing from BlackRock, the world's biggest asset manager.
WHY IT'S IMPORTANT
Companies around the world are racing to integrate artificial intelligence (AI) into their businesses. Startups offering AI services are a bright spot in an otherwise subdued private funding market.
The global market for big data and business analytics is projected to reach $665.7 billion by 2033 after being valued at $225.3 billion in 2023, according to Allied Market Research.
CONTEXT
Pyramid's platform uses a combination of machine learning and AI to simplify processes and data analysis for its clients, which include the U.S. Food and Drug Administration (FDA) as well as Hallmark, Deloitte and Volkswagen.
The Amsterdam-incorporated company, which has offices in London, New York City and Tel Aviv, declined to disclose its equity valuation following the investment.
Its last funding round, a Series E led by H.I.G. Growth Partners in May 2022, fetched $120 million, taking its total fundraise to over $200 million at the time, according to its website.
While Pyramid did not disclose a valuation at that time either, business website TechCrunch had pegged its value at nearly $1 billion.
KEY QUOTE
John Doyle, managing director at BlackRock, said Pyramid "sits at the intersection of data analytics and AI capabilities, two segments that continue to benefit from robust secular tailwinds."
(Reporting by Medha Singh; Editing by Savio D'Souza)
