London based Edgify, which builds AI for edge computing, has secured US$ 6.5M in its seed funding round on 13 October 2020.
The funding was backed by Octopus Ventures, Mangrove Capital Partners and an unnamed semiconductor giant.
Founded in 2015 by Nadav Tal-Israel and Ofri Ben Porat, Edgify’s technology allows “edge devices” (devices at the edge of the internet) to interpret vast amounts of data, train an AI model locally and then share that learning across its network of similar devices. This then trains all the other devices in anything from computer vision, NLP, voice recognition or any other form of AI.
Edgify believes that this ability to decentralize the training process and allow training on entire datasets will bring forth a potential new level of accuracy to the world of AI. These new obtainable accuracies can generate both high financial rewards in some verticals (retail, intelligent homes, manufacturing), and life-saving solutions in others (autonomous cars, medical). Edgify’s platform scales inherently with its clients. The more devices a client has, the more processing power they have, so there’s no need to invest in new infrastructure.
The predictive accuracy offered by Edgify can be integrated with brands’ customer relationship management systems and recommendation platforms that enable clients to get market targeting capabilities and to capture the ever-changing needs of their consumers.
Their technology can be applied to anything from MRI machines, connected cars, checkout lanes, mobile devices and anything that has a CPU, GPU or NPU. Edgify’s technology is being used in supermarkets as well.
“Edgify allows companies, from any industry, to train complete deep learning and machine learning models, directly on their own edge devices. This mitigates the need for any data transfer to the Cloud and also grants them close to perfect accuracy every time, and without the need to retrain centrally,” said Ofri Ben-Porat, CEO and co-founder of Edgify,
What investors have to say
“We expect a surge in AI adoption across multiple industries with significant long-term potential for Edgify in medical and manufacturing, just to name a few,” said Mangrove partner Hans-Jürgen Schmitz, who will join Edgify’s Board.
“As the interconnected world we live in produces more and more data, AI at the edge is becoming increasingly important to process large volumes of information,” says Simon King, partner and Deep Tech Investor at Octopus Ventures.
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