Peltarion raises $20 million from a hedge fund billionaire and others for its operational AI platform
Peltarion, a 15-year old Swedish startup that develops operational AI platform to enable AI technology useable and affordable for governments, not-profits and businesses, announced today it has raised $20 million in series A funding to be used “to advance humankind through AI,” according to a public release. The latest round was led by Euclidean Capital, the family office for hedge fund billionaire James Simons, alongside existing investor FAM and EQT Ventures. This latest round brings Peltarion’s total funding to date to $34 million, which includes investment from prior backers, FAM, the holding company privately owned by the three largest Wallenberg foundations, and EQT Ventures.
Founded in Stockholm, Sweden in 2004 by Luka Crnkovic-Friis and Måns Erlandsson, Peltarion provides the world’s first operational AI platform for fast, efficient and scalable production of commercially viable AI applications. It’s mission is to make AI technology useable and affordable for governments, not-profits and businesses alike. It believes that making AI operational will help to solve world problems – from food distribution to disease diagnostics – more quickly and at scale. Peltarion is led by top engineers from Spotify, Skype, King, TrueCaller and Google, Peltarion provides a collaborative, graphical cloud platform for developing, managing and deploying deep learning systems at scale.
Peltarion’s AI technology is already been used by over 300 companies and organizations, including NASA, Tesla, General Electric, Dell, BMW, Deutsche Bank, Lloyds Banking Group, and the Universities of Harvard, MIT and Oxford. Peltarion is backed by EQT Ventures and FAM, the holding company privately owned by the three largest Wallenberg foundations.
The Peltarion Operational AI platform makes building and deploying AI products and services easier, faster and more affordable. Its API approach creates an enterprise-ready solution, lowering the bar of hard-to-find AI skills required to build AI products and services, while reducing the need for expensive infrastructure. “AI is a technology that everyone should benefit from. Our mission is to make AI technology useable and affordable for all and this investment will help us to grow and scale in order to do more good in the world.” comments Luka Crnkovic-Friis, CEO and co-founder of Peltarion.
Peltarion has built strong momentum over the past twelve months, onboarding clients from a variety of different countries and focus areas – from the media industry through to finance and healthcare. Many of these solutions are already helping to make a difference in the world, particularly in relation to: cancer tumor segmentation, skin cancer detection, agriculture yield optimization, DNA prediction and energy.
In 2018, Peltarion founded the Swedish AI council, to establishing a continuous dialogue between Industry, Academia, Swedish Government and EU. Peltarion provides a collaborative, graphical cloud platform for developing, managing and deploying deep learning systems at scale. It’s designed for use, so it’s got everything you need to execute an AI project from start to finish in a single software platform.