Pyramid Analytics, an artificial intelligence business analytics company, announced on Monday that it has raised $50 million in new financing from BlackRock, the world’s largest asset manager.
This is because companies worldwide are striving to integrate artificial intelligence (AI) into their operations. Startups that offer AI services are a standout in what is otherwise a sluggish private funding market. According to Allied Market Research, the global market for big data and business analytics is projected to reach $665.7 billion by 2033, up from $225.3 billion in 2023.
Pyramid’s platform utilizes 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), Hallmark, Deloitte, and Volkswagen. The company, incorporated in Amsterdam, has offices in London, New York City, and Tel Aviv.
They chose not to disclose their equity valuation following this investment. In its previous funding round, a Series E led by H.I.G. Growth Partners in May 2022, Pyramid successfully raised $120 million, bringing its total fundraising amount to over $200 million at that time. Although they did not disclose their valuation after that round either, TechCrunch estimated the company’s value to be nearly $1 billion.
John Doyle, managing director at BlackRock, remarked that Pyramid “sits at the intersection of data analytics and AI capabilities, two segments that continue to benefit from robust secular tailwinds.”
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