Sima.ai raises $67M in Series B1 financing to support expansion and product development
Sima.ai, which is developing a machine learning system-on-chip (MLSoC) platform, has raised an additional $67 million in Series B1 funding led by MSD Partners. Earlier this year, Sima.ai raised $80 million in a Series B financing round led by Fidelity Management & Research Company. The funding will support Sima.ai’s MLSoC platform and jumpstart its second-generation product architecture and development, the company says.
Fidelity joined the Series B1 round with other investors, including Dell Technologies Capital, Amplify Partners, Alter Venture Partners, Wing Venture Capital, +ND Capital and industry veteran Lip-Bu Tan (also on the board of directors). The latest Series B1 funding brings total investment to $187 million since its inception in November 2018.
“This latest funding allows us to build upon our product strength and customer momentum while scaling the company more aggressively than we originally planned and validating our ability to disrupt the embedded edge industry by bringing effortless machine learning to this multi-trillion-dollar market,” stated Krishna Rangasayee, CEO and founder at SiMa.ai.
Sima.ai also plans to use the funds to speed up its hiring and scaling efforts across the globe. For example, the company says that the Series B1 financing will help Sima.ai drive customer success and operations. Since it announced the commercial-scale production of first-gen MLSoC, the company established itself as a leading innovator in machine learning. The company says that this funding round is a positive indicator of how the company’s technology and product compare to others in the embedded edge market.
Sima.ai has recently collaborated with GUC (Global Unichip Corporation) to leverage its turnkey semiconductor services for its purpose-built ML system-on-chip platform. GUC’s design and manufacturing services during the development of the first gen MLSoC platform allowed Sima.ai to focus on machine learning IP development.
“To unlock the power of machine learning’s advanced capabilities, the embedded edge industry needs an iconic, forward-thinking, industry-disruptive company like SiMa.ai that enables customers to bring their innovative products to market,” said Victor Hwang, managing director and co-head of MSD Growth.
Sima.ai also recently started to ship its purpose-built software-centric machine learning system-on-chip platform. This platform targets deployment and scaling issues in computer vision use cases. The company claims the MLSoC platform performs 10x better per watt and offers an enhanced user experience for enterprises that want to scale edge ecosystems.
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