Edge AI chip startup Deep Vision has raised $35 million in a series B round of funding led by Tiger Global, joined by existing investors Exfinity Venture Partners, Silicon Motion and Western Digital. The company began shipping its first-generation chip last year. ARA-1 is designed for power-efficient, low-latency edge AI processing in applications like smart retail, smart city and robotics. While the company's name suggests a focus on convolutional neural networks, ARA-1 can also accelerate natural language processing with support for complex networks such as long short-term memory (LSTMs) and recurrent neural networks (RNNs). A second-generation chip, ARA-2 with additional features for accelerating LSTMs and RNNs will launch next year.
The Transform Technology Summits start October 13th with Low-Code/No Code: Enabling Enterprise Agility. Constructor, a San Francisco, California-based ecommerce personalization startup, today announced that it raised $55 million in a series A round led by Silversmith Capital Partners. The funding, which brings the company's total raised to $61.5 million, will be put toward product development, hiring, and go-to-market efforts, according to CEO Eli Finkelshteyn. Online commerce conversions are well behind in-store -- the average online shop sees less than 3% in conversions. But even though $4.2 trillion was spent on ecommerce platforms in 2020 alone, few ecommerce retailers have invested in a digital merchandising strategy.
When working with their clients Accenture under Tricarico's guidance focuses on "on guiding (their) clients to more safely scale their use of AI, and build a culture of confidence within their organizations." Not all companies have an established north star of AI use. Companies and partners like Accenture are vital to these companies and their proper and ethical use of the technology.
Deepcell, a life science company pioneering AI-powered cell classification and isolation for cell biology and translational research, today announced the appointment of Kevin Jacobs as the Vice President of Bioinformatics. Jacobs will be responsible for the company's bioinformatics strategy, implementation and its integration with other areas and into the company's offerings. This appointment is the latest addition to Deepcell's rapidly expanding team of scientists, engineers and computer science experts. Deepcell had acquired $20 million in Series A funding last year. Currently, Deepcell is helping to advance precision medicine by combining advances in AI, cell classification and capture, and single-cell analysis to deliver novel insights through an unprecedented view of cell biology.
Artificial intelligence (AI) is transforming the way we live, work, travel, and do business. The expertise of British AI companies, some of the world's most innovative, contributes significantly to this increase in global economic growth and productivity. Recently, Tech Nation, the leading growth platform for UK tech companies, released data on the growth of the AI tech ecosystem in the UK. According to this new data, the UK is now home to over 1,300 AI companies, up from 180 companies in 2011, representing a 600% increase. AI companies are scaling across all regions of the UK, with 50% of the top scaling AI companies being outside of London with Cambridge and Edinburgh being major hubs. Furthermore, Venture Capital investment into UK AI companies also rocketed from $120 million in 2010 to $3.4 billion in 2020.
The ability of computers to understand and generate language took a huge leap forward in 2017 when researchers at Google developed new natural -anguage AI models called Transformers. Some of the experts who built and trained those seminal models have since branched out on their own by founding the Toronto-based startup Cohere, which today announced a new $40 million Series A funding round. The technology that undergirds Cohere's natural-language processing models was originally developed by the Toronto-based Google Brain team. Two of that team's members, Aidan Gomez and Nick Frosst (along with a third cofounder, Ivan Zhang), started Cohere two years ago to further develop and commercialize the models, which are delivered to customers through an API. Cohere is backed by neural network pioneer and Turing Award winner Geoffrey Hinton, who led the Toronto Google Brain team, as well as some other big names in the AI world like Stanford computer science professor Fei-Fei Li. "Very large language models are now giving computers a much better understanding of human communication," Hinton said in a statement to Fast Company.
An autonomous laser-powered weeder is attracting big green from investors. Carbon Robotics recently announced it secured $27 million in Series B financing to help in its quest to eliminate weeds without herbicides. Weeds are a blight to gardens but an even bigger scourge for commercial food production. It's estimated that weeds cause a 10% loss in crop yields overall, amounting to 200 million tons per year. And, if left uncontrolled, weeds can result in 100% crop loss.
The United States Securities and Exchange Commission (SEC) signed a deal with blockchain analytics firm AnChain.AI to help its efforts in monitoring the decentralized finance (DeFi) space. What Happened: According to a Forbes report, AnChain.AI CEO and Co-Founder Victor Fang explained that the collaboration started because "the SEC is very keen on understanding what is happening in the world of smart contract-based digital assets," and the firm can help with that. The company's service focuses on tracking illicit activity across crypto exchanges, DeFi protocols, and traditional financial institutions. The contract between the blockchain analysis firm and the SEC started in May and probably played a role in AnChain.AI securing a $10 million Series A round led by Susquehanna Group affiliate SIG Asia Investments LLP. Why It Matters: The regulator is seemingly leveraging the contractor to monitor the DeFi ecosystem more closely, as expected after recent remarks by SEC Chairman Gary Gensler.
More than $3.5 billion in funding was funneled into 35 startups last month, much of that scattered across the globe. Several Chinese companies received significant funding as the country bulks up domestic production of wafers and GPUs. In addition, with attention increasing on the need for electric vehicles and renewable energy, big investments went into battery manufacturing startups. One company making EV batteries garnered $1.5 billion, while several other large rounds were targeted at grid-scale energy storage companies. Metax designs high-performance, reconfigurable GPUs based on its own instruction set for data center, gaming, and AI. Funds will be used for R&D, and the company recently launched a corporate research institute at Zhejiang University. Based in Shanghai, China, Metax was founded in 2020.
The United States Securities and Exchange Commission (SEC) signed a deal with blockchain analytics firm AnChain.AI to help its efforts in monitoring the decentralized finance (DeFi) space. The company's service focuses on tracking illicit activity across crypto exchanges, DeFi protocols, and traditional financial institutions. The contract between the blockchain analysis firm and the SEC started in May and probably played a role in AnChain.AI securing a $10 million Series A round led by Susquehanna Group affiliate SIG Asia Investments LLP. Why It Matters: The regulator is seemingly leveraging the contractor to monitor the DeFi ecosystem more closely, as expected after recent remarks by SEC Chairman Gary Gensler. For instance, Fang explained that it is actually an amalgam of 30,000 separate smart contracts that manages over $1.8 billion worth of transactions in the 24 hours prior to the Forbes article being published.