London-based artificial intelligence firm Edgify successfully announced that it has secured $6.5 million in funding on Monday, October 12, 2020. The seed funding comes as the AI firm continues to expand its reach in developing its technology geared towards edge computing devices, reports Verdict.
The seed funding round was led by Octopus Ventures, Mangrove Capital Partners, and an unnamed semiconductor giant in the field. As part of the deal, Red Herring states that Hans-Jürgen Schmitz will come on Edgify’s board of members.
Edgify is an artificial intelligence training frameworks company that specializes in enabling connected devices or edge devices to analyze and interpretlarge amounts of data, shares Private Equity Wire. This learning can be shared across a vast network to other similar devices.
According to the source, Edgify caters to a varied range of edge devices, such as cars, checkout lanes, mobile devices, MRI machines, and devices that are equipped with a CPU, GPU, or NPU.
Founded in 2015, Edgify and its technology is primarily used in self-checkout counters at various supermarkets. Red Herring states that its AI tech provides more effective and efficient transactions by making machines recognize produce without barcode.
Apart from grocery checkouts, Edgify is also reportedly in the works of providing its artificial intelligence technology to the medical sector and the automotive industry, notes Private Equity Wire. This learning tool will be used by medical facilities to train AI models for chest X-rays while it seeks to find spare parts in the automotive sector.
In a statement, co-founder and chief executive officer of the company Ofri Ben-Porat said, “Edgify allows companies, from any industry, to train complete deep learning and machine learning models, directly on their own edge devices.”
“This mitigates the need for any data transfer to the Cloud and also grants them close to perfect accuracy every time, and without the need to retrain centrally,” said Ben-Porat.
Meanwhile, co-founder and chief technology officer of Edgify said Nadav Israel said, “The potential is enormous due to the volume of data each company generates, most of which is rendered redundant due to the processing power required to upload, interpret and analyse it in the Cloud.”
Israel continued to say that “Edgify’s technology allows businesses to train on the entirety of their data, promising accuracy levels never achieved before.”
As the demand for efficiency and data protection increases, Red Herring believes that the edge artificial intelligence is becoming more imperative for network operators who are seeking heightened and improved experiences in the field. By 2023, the edge AI market is said to be valued by $1.15 billion.