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System-on-chip startup SiMa.ai raises $70m

Silicon Valley-based startup SiMa.ai has secured a $70m round of extension funding and will use the cash to bring its second-generation chipset to market.

SiMa.ai is an SoC specialist whose goal is to introduce a Machine Learning SoC platform, which companies can use to "scale and deploy ML at the embedded edge". It claims its ML SoC is the first to bring AI and ML through an integrated software-hardware combination.

Now it has fresh funding to accelerate its mission. The new USD 70 million round was led by Maverick Capital, with participation from Point72 and Jericho, as well as existing investors Amplify Partners, Dell Technologies Capital, Lip-Bu Tan and others. It brings the total raised to USD 270 million.

SiMa.ai says it wants to target an AI-supporting chip market that Gartner values at USD 119.4 billion by 2027. And it says its projects are already used by more than 50 companies  across industrial manufacturing, retail, aerospace, defence, agriculture and healthcare sectors.

“AI — particularly the rapid rise of generative AI — is fundamentally reshaping the way that humans and machines work together. Our customers are poised to benefit from giving sight, sound and speech to their edge devices, which is exactly what our next generation MLSoC is designed to do,” said Krishna Rangasayee, Founder and CEO at SiMa.ai. 
 


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May 14 2024 7:33 am V22.4.46-1
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