Pyramid Analytics, an AI-driven business analytics firm, announced on Monday that it has secured $50 million in funding from BlackRock, the largest asset management company globally. This investment demonstrates strong confidence in Pyramid’s potential.
Companies worldwide are eager to adopt artificial intelligence (AI) into their operations. Startups that provide AI solutions stand out in a generally slow private funding environment. This trend highlights the growing importance of AI in enhancing business processes.
According to Allied Market Research, the global big data and business analytics market is expected to grow significantly. It is projected to reach $665.7 billion by 2033, up from $225.3 billion in 2023. This growth indicates a robust demand for analytics solutions.
Pyramid’s platform leverages machine learning and AI to streamline processes and improve data analysis for its clients. Notable clients include the US Food and Drug Administration (FDA), Hallmark, Deloitte, and Volkswagen. This diverse clientele showcases the platform’s versatility.
The company, based in Amsterdam with offices in London, New York City, and Tel Aviv, chose not to reveal its equity valuation after this latest investment. However, its previous Series E funding round in May 2022 raised $120 million, bringing its total fundraising to over $200 million at that time.
Pyramid did not disclose its valuation either in its last funding round. However, TechCrunch estimated the company’s worth to be nearly $1 billion. This valuation reflects the growing interest in Pyramid’s innovative solutions within the analytics space.
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.”
