By Medha Singh
(Reuters) – Pyramid Analytics, an AI business analytics company, said on Monday it has raised $50 million in new funding from BlackRock, the world’s largest asset manager.
WHY IT’S IMPORTANT
Companies around the world are rushing to integrate artificial intelligence (AI) into their businesses. Startups offering AI services are a bright spot in an otherwise subdued private financing market.
According to Allied Market Research, the global big data and business analytics market is expected to reach $665.7 billion by 2033 after being valued at $225.3 billion in 2023.
CONTEXT
Pyramid’s platform uses a combination of machine learning and AI to simplify processes and data analysis for its customers, including the U.S. Food and Drug Administration (FDA), Hallmark, Deloitte and Volkswagen.
The Amsterdam-based company, which has offices in London, New York City and Tel Aviv, declined to disclose its stock valuation after the investment.
Its latest funding round, a Series E led by HIG Growth Partners in May 2022, raised $120 million, bringing its total fundraising at the time to more than $200 million, the website said.
Although Pyramid also did not disclose a valuation at the time, the company website TechCrunch had estimated its value at nearly $1 billion.
IMPORTANT QUOTE
John Doyle, managing director at BlackRock, said Pyramid “is 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)
