Neural Magic, which offers software for growing edge AI market, gets $30 million boost

The Transform Technology Summits start October 13th with Low-Code/No Code: Enabling Enterprise Agility. Neural Magic, a company that offers software to allow deep learning to be deployed more easily in edge locations, today announced a $30 million Series A funding. The market for edge AI is exploding, as more companies deploy it in a variety of applications across industries -- including in areas like asset maintenance and monitoring, factory automation, and telehealth. The market is expected to be worth $1.83 billion by 2026, according to one report by Markets and Markets. But increasingly, customer accelerator chips made by companies like Google and Nvidia to do this "inference" on the edge are unable to keep up with the improvements in efficiency, speed and cost that additional software approaches offer, like the one pushed by Neural Magic.