Montréal-based AI startup Deeplite announced in April 2021 that it has raised CAD 7.5M in a seed funding round from Desjardins Capital, Somel Investments, BDC Capital through its Bridge Financing Program, PJC, Innospark Ventures, Differential Ventures, and Ajay Shah (executive chairman of Smart Global Holdings).
The startup will use the proceeds from this funding round to accelerate the research and development of its technology, increase the headcount of its team, and expand to new markets. A portion of this new funding will also go towards research. Deeplite is currently collaborating with Yoshua Bengio, the scientific director of Mila (a research institute based in Montreal), on new ways to further optimize AI-based neural networks.
About the startup
Deeplite was founded in 2018. It has created Neutrino, a software engine that takes an AI model’s form factor, or design constraints, and enables users to optimize these constraints to a user’s desired specifications, eventually making these deep neural networks faster, lighter and more energy-efficient.
Deeplite’s product is currently mainly targeted to the computer vision domain, which covers multiple industries, such as semiconductor companies and automotive businesses. Neutrino was launched as a commercial product in June 2020, and presently there are four clients using the software, with others currently in the contract stage. The startup is also planning to launch a free version of Neutrino for the deep learning community. This will be targeted toward engineers and academia. This free version will have some limitations compared to the commercial version of Neutrino but is aimed to permit researchers and programmers to easily experiment with the technology.
Deeplite currently has 15 people in its team, and Romano hopes to bring this number to 32 by the end of the year. Romano said Deeplite plans to hire individuals not only in Montréal but also in Toronto and globally, through the Global Talent Stream. The startup also plans to set up a physical hub in Toronto when it makes sense to open a new office.
Statements from the stakeholders
Nick Romano, CEO and co-founder of Deeplite said what they’re trying to do is increase the brand awareness of the platform and create advocates that are going to potentially influence economic buyers within their companies.
Davis Sawyer, co-founder and chief product officer at Deeplite said Montréal is their centre, but they want to play on a global scale, and they want to be competent on a global scale. He added that Canada, in terms of tech exports, is something that they definitely prioritize, and he thinks that’s something that they want to be at the frontline of, as they take these components and really maximize them to their full potential.
For more extensive analysis and Market Intelligence reports feel free to approach us or visit our website: Venture Capital Market Intelligence Reports | VCBay.
We try our best to fact check and bring the best, well-researched and non-plagiarized content to you. Please let us know
-if there are any discrepancies in any of our published stories,
-how we can improve,
-what stories you would like us to cover and what information you are looking for, in the comments section below or through our contact form! We look forward to your feedback and thank you for stopping by!