Israel-based artificial intelligence startup company NeuReality successfully raised $8 million from stealth in a seed funding round. Following the investment, the company states it plans to dedicate the funding towards its product release sometime this year.
Among the investors in the seed funding round include Cardumen Capital, OurCrowd, a crowdfunding platform, and Varana Capital, states Tech Crunch.
As part of the deal, the GM of Intel’s AI Products Group and former chief executive officer of Nervana System Naveen Rao is slated to join NeuReality’s board of directors.
Founded in 2019 by chief executive officer Moshe Tanach, Vice President for Operation Tzivika Shmuele, and VP VLSI Yossi Kasus, this company which has its headquarters in Caesarea, Israel specializes in manufacturing artificial intelligence hardware for cloud data centers and edge nodes.
Tech Crunch states that the company is also gearing up its platform to help streamline workloads for companies and businesses alike. The artificial intelligence-based architecture employed by NeuReality seeks to “hyperscale clouds and other data center owners to offload their ML models” for a more efficient operating model.
Apart from working cloud providers, data centers, and software solutions providers, the company seeks to address industry-wide problems such as fraud detection, OEM and ODMs, reports Tech Crunch.
In a statement, Tech Crunch revealed Tanach’s explanation, saying they “kind of combined a lot of techniques that we brought from the storage and networking world.”
“Think about traffic manager and what it does for Ethernet packets. And we applied it to AI. So we created a bottom-up approach that is built around the engine that you need. Where today, they’re using neural net processors – we have the next evolution of AI computer engines,” said Tanach.
By leveraging this type of technology and by relying on real-world use instances, its unique architecture could speed up systems by up to 15 times the normal compared to the cost per dollar, making AI platforms ideal for scalability.
Besides lowering costs, the service can also reduce their infrastructure footprint and their energy consumption states Venture Beat. The company seeks to make this possible with their system addressing language-based applications, computer vision, classifiers, and many more.
“Our mission is to deliver AI users best in class system performance while significantly reducing cost and power… In order to make AI accessible to every organization, we must build affordable infrastructure that will allow innovators to deploy AI-based applications that cure diseases, improve public safety and enhance education,” said Tanach in an email to Venture Beat.
With the funding, the company looks to offer its system as a service within 2021, notes Venture Beat.