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3 Jan 2023
An £18 Million Fund Raises to Develop Advanced AI Technology for Edge Applications by EnCharge AI
Naveen Verma, Ph.D., the CEO and co-founder of EnCharge AI
UK-based AI startup EnCharge AI has announced the successful close of their £18m Series A funding round. The investment will be used to develop and deploy advanced artificial intelligence (AI) technologies for edge uses.
EnCharge AI is a machine learning-driven platform that enables businesses to process data from connected devices and equipment in real-time. The company’s technology provides companies with the tools to generate intelligent insights from data collected on the edge of their networks. This helps them make faster and better decisions without relying on expensive cloud solutions.
The tech giant has raised £18 million ($21.7 million) in a Series A funding round for its advanced AI hardware and software for edge computing.
Last year, one of EnCharge's public funding was led by Anzu Partners and supported by AlleyCorp, Alumni Ventures, Scout Ventures, and other organizations.
Naveen Verma, CEO of EnCharge, has said the company's semiconductor hardware and software are 15 times more powerful than competitors. This resulted from a high-performance integrated circuit with a unique approach to memory management.
“We believe that EnCharge’s technology is the only robust and scalable form of next-generation in-memory computing. Following this Series A round, EnCharge is now positioned to develop products to engage with customer applications in production at the forefront of AI,” Verma said.
Currently, the company employs 25 people with AMD, NVIDIA, IBM, and Intel backgrounds.
“They have been there and done that with more traditional accelerators. They can break the rules while building rigorous, industrial-strength hardware.” Verma added.
EnCharge AI reports that its experiments with computing chips and hardware have revealed the ability to execute 150 trillion operations per second per watt, a processing speed that is 15x higher than today's computing standards.
With its Series A funding, the company plans to commercialize its products and make advanced edge computing more accessible.
“To keep pace with the incredible innovations we are seeing in AI, we need fundamentally new ways of computing,” Verma added. “This requires differentiated technologies, which are also extensively validated and refined across the entire stack for real-world operation.
Jimmy Kan, a partner at Anzu Partners, said: “As edge AI continues to drive business automation, there is a huge demand for sustainable technologies that can dramatically improve end-to-end AI inference capability and cost and power efficiency. EnCharge’s technology addresses these challenges.”
The new funding will help EnCharge AI to expand its technology and capabilities, enabling more companies to benefit from its services. With the investment, EnCharge plans to focus on developing artificial intelligence-driven features, such as predictive maintenance, anomaly detection, and personalization. This will enable customers to gain more value from their existing connected device networks.
This announcement is important as the demand for edge AI solutions increases. Companies are increasingly leveraging connected devices and equipment to improve efficiency, reduce costs and increase their competitive edge.
"At EnCharge AI, we are committed to helping our customers unlock the full potential of their connected devices. This funding round will allow us to develop our platform further and provide customers with even more powerful AI-driven solutions." Said Naveen Verma, CEO of EnCharge AI
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