Recently, the artificial intelligence business analytics company Pyramid Analytics announced that it has secured $50 million in new funding from BlackRock, the world's largest asset management company. This investment is particularly significant against the backdrop of global enterprises increasingly integrating artificial intelligence (AI) into their operations.
Image Source Note: Image generated by AI, image licensed by Midjourney
According to forecasts by market research firm Allied Market Research, the global big data and business analytics market is expected to reach $665.7 billion by 2033, with a valuation of $225.3 billion in 2023. In this expanding market, startups providing AI services are becoming a focal point for investors.
Pyramid's analytics platform combines machine learning and artificial intelligence technologies, aiming to streamline processes and data analysis for its clients. Currently, the company's clients include well-known enterprises such as the U.S. Food and Drug Administration (FDA), Hallmark, Deloitte, and Volkswagen. Pyramid is headquartered in Amsterdam and has offices in London, New York, and Tel Aviv. Despite successfully securing this funding, Pyramid has not disclosed its equity valuation.
Looking back at its funding history, Pyramid completed a $120 million Series E funding round led by H.I.G. Growth Partners in May 2022, bringing its total funding to over $200 million. At that time, the business website TechCrunch estimated its value to be close to $1 billion.
John Doyle, Managing Director at BlackRock, commented on this investment, stating that Pyramid is at the intersection of data analytics and AI capabilities, both of which are enjoying strong long-term growth trends. With the continuous advancement of AI technology, Pyramid is poised to secure a position in the future market.
Key Points:
🌟 Pyramid Analytics secures a $50 million investment from BlackRock, further advancing AI business analytics development.
📈 The global big data and business analytics market is expected to reach $665.7 billion by 2033, indicating significant growth potential.
🤝 Pyramid's clients include notable companies such as the FDA, Hallmark, Deloitte, and Volkswagen, showcasing its broad business prospects.
