AI chip company Syntiant raises $55M to accelerate growth
Syntiant Corp., has closed USD 55 million in new funding, bringing the total investment to more than USD 100 million since the company’s founding in 2017.
Renesas Electronics Corporation, Millennium Technology Value Partners and Mirae Asset Capital are among five new investors. Existing investors also participated in the new funding round.
“We are at a pivotal point of our company’s growth and development, having shipped more than 20 million of our Neural Decision Processors as global market demand for edge AI rises among device manufacturers,” says Kurt Busch, CEO at Syntiant in a press release.
Busch continues to say that the company has built a strong customer pipeline containing suppliers of everything from earbuds to automobiles and most everything in between.
”This new round of funding will help us expedite full production deployments among more than 50 current customer engagements, as our technology continues to make edge AI accessible to any battery-powered device,” the CEO continues.
In July 2021, Syntiant and Renesas Electronics Corporation announced a collaboration for a voice-controlled multimodal solution with Renesas’ RZ/V Series MPUs and Syntiant’s NDP120 Neural Decision Processor™ (NDP) that enables low-power contactless operation for image processing in vision AI-based IoT and edge systems.
“Our investment in Syntiant further demonstrates the synergies between our companies as we work together to deliver combined edge AI solutions to customers globally,” says Sailesh Chittipeddi, EVP, GM of IoT and Infrastructure Business Unit at Renesas.
The new funds will be used to enhance software capabilities, as well as accelerating deployment of the company’s third-generation Syntiant Core 3 architecture.