Pyramid Analytics, a leader in AI-powered business analytics, announced on Monday that it has raised $50 million in new funding from BlackRock, the world’s largest asset manager. This funding highlights the growing importance of AI-driven analytics as companies worldwide seek to integrate artificial intelligence into their operations.
Why This Matters
The global race to adopt AI is intensifying, with startups offering AI solutions standing out in an otherwise challenging private funding landscape. The big data and business analytics market, valued at $225.3 billion in 2023, is expected to soar to $665.7 billion by 2033, according to Allied Market Research. Pyramid Analytics is well-positioned to capitalize on this explosive growth.
About Pyramid Analytics
Pyramid Analytics offers a cutting-edge platform that combines machine learning and AI to streamline data analysis and simplify complex business processes. Its clients include notable organizations such as the U.S. Food and Drug Administration (FDA), Hallmark, Deloitte, and Volkswagen.
Headquartered in Amsterdam, the company has a global footprint with offices in London, New York City, and Tel Aviv. While the equity valuation following BlackRock's investment was not disclosed, Pyramid has consistently attracted significant backing. In May 2022, a Series E funding round led by H.I.G. Growth Partners secured $120 million, bringing its total funding at that time to over $200 million.
Although Pyramid did not disclose its valuation during its previous round, TechCrunch estimated it to be close to $1 billion.
Key Insights from BlackRock
John Doyle, Managing Director at BlackRock, remarked that Pyramid operates "at the intersection of data analytics and AI capabilities, two segments that continue to benefit from robust secular tailwinds."
Looking Ahead
As demand for AI-powered analytics continues to rise, Pyramid Analytics is poised to drive innovation and deliver transformative solutions to organizations worldwide. This latest investment underscores its status as a major player in the rapidly evolving AI and big data landscape.
