SoftBank invests in Adapdix to build the next-generation edge AI platform
Adapdix, a Silicon Valley-based tech startup that offers a software platform that optimizes Artificial Intelligence (AI) and Machine Learning (ML) at the edge, announced today that it has received new funding from SoftBank’s Opportunity Fund, bringing the total investment amount secured by Adapdix up to $10 million. The announcement follows an $8 million Series A funding round we wrote about back in December 2020.
Adapdix said it will use the new capital infusion to build the next-generation Artificial Intelligence (AI) platform for the edge, enabling real-time predictive analytics and maintenance for enterprises.
Founded in 2014 by Anthony Hill, Adapdix’s customer-centric Adapdix EdgeOps platform provides previously unmatched performance increases in uptime of equipment, reduction in supply chain and logistics cost, and increases in remote worker control and productivity.
Edge computing is what we called “power to the devices.” As enterprises move their IT compute to the cloud, latency starts to take place. Edge computing is one of the new ways to address the latency issue associated with processing data in the cloud. Instead of relying on the cloud at one of a dozen data centers to do all, computation is now done at or near the source of the data (for example on devices).
Unlike cloud computing, edge computing systems are not connected to a cloud. Instead, they operate on local devices. Edge computing brings computation and data storage closer to the location where it is needed, to improve response times and save bandwidth. Now that a better understanding of edge computing, let’s take a look at edge AI and why it is going to be the next wave of artificial intelligence. The edge computing market is projected to reach 1.12 trillion by the year 2023.
Chad Harris, an investor from SoftBank’s Opportunity Fund, said, “We are excited to support Adapdix in its AI innovations and to participate in its development of new solutions for the edge – we believe the result will be a real game-changer. The SB Opportunity Fund is investing at this early stage because we recognize the differentiation of Adapdix’s technologies and believe that it has the potential to become the leader in the fast-growing edge AI market.”
Anthony Hill, Founder, and CEO at Adapdix said, “This investment is a validation of our vision for our next-generation AI platform. With the SB Opportunity Fund joining the team of investors, we now have the ability to scale up the business and develop the required ecosystem of partners and suppliers.”
Adapdix’ EdgeOps™ is a software-only solution that combines advanced artificial intelligence and machine learning (AI/ML) analytics with a distributed, edge-based architecture. By enabling control where the AI data is, at the edge, Adapdix helps to increase model accuracy, reduce network cost and congestion, and cut latency.
As the first predictive analytics solution based on an industrial-grade data mesh technology, Adapdix enables ultra-low-latency, predictive maintenance, and control. Adapdix’ EdgeOps will initially focus on serving manufacturing companies in the semiconductor, electronics, and automotive sectors, with more industries planned for the future.