AI-based Chip Startup SiMa.ai Raises Fresh Funding
SiMa.ai, an artificial intelligence-based chip startup, has raised $37 million in a Series B1 round from Dell Technologies’ founder-backed MSD Partners.
The funding round also saw participation from existing partners- including Fidelity Management & Research Company, Alter Venture Partners, Dell Technologies Capital, Wing Venture Capital, Amplify Partners, +ND Capital and entrepreneur Lip-Bu Tan.
As per the startup, the raised funds will be used to accelerate hiring and scale critical functions worldwide. Additionally, the startup will use the investment to drive customer success and operations globally.
SiMa.ai | Effortless ML For the Embedded Edge
Founded by Krishna Rangasayee in November 2018, SiMa.ai offers a machine learning (ML) system on a chip platform.
It helps its customers integrate ML inference in embedded edge applications, focusing on areas such as robotics, smart vision, and autonomous systems.
Speaking about the development, Krishna Rangasayee, Founder and CEO of SiMa.ai, said,
“This latest funding allows us to build upon our product strength and customer momentum while scaling the company more aggressively than we originally planned and validating our ability to disrupt the embedded edge industry by bringing effortless machine learning to this multi-trillion-dollar market.”
The machine learning startup offers a software-centric purpose-built MLSoC™ platform. With push-button performance, the startup enables effortless ML deployment and scaling at the embedded edge by allowing customers to address any computer vision problem while achieving 10x better performance at the lowest power.
This latest round, which is an extension of the $30-million Series B round SiMa.ai closed in May, takes the total capital raised by the startup to $187 million.
Commenting on the development, Mike Dauber, General Partner, Amplify Partners, said,
“SiMa.ai has continued to gain our vote of confidence with their incredible team-building, execution and progress. We strongly believe they will bring a new product category to the embedded edge market with their purpose-built machine learning system on chip Platform.”
Follow us and connect with us on Instagram, Facebook, Twitter, and LinkedIn.
Note: If you are a budding entrepreneur and require assistance in new company registration or other startup related legal services, contact us.