California, USA-based collaborative AI company Fed ML raised USD 6 million in pre-seed and seed funding. The round took place on March 28, 2023. Camford Capital led the financing for the company. Meanwhile, Plug and Play Ventures, AimTop Ventures, Acequia Capital, LDV Partners, and other undisclosed investors joined in the round.
In addition, FedML announced agreements with ten enterprise contracts across sectors such as healthcare, financial services, logistics, retail, smart city, generative AI and web3 applications.
What the company’s official has to say
Salman Avestimehr, co-founder and CEO of FedML, said, “The future of AI depends on large-scale collaboration. We want to create a community that trains, serves and mines the best AI models. For example, we enable data owners to contribute their data to a machine learning task, and they can work with AI developers or training specialists to build a customized machine learning model, and everyone gets rewarded for their contributions.”
In addition, Chaoyang He, co-founder and CTO of FedML, said, “We allow people to train anywhere and serve anywhere, from edge to cloud, enabling lower-cost and decentralized AI development that’s accessible to everyone. We’re committed to maintaining a strong and vibrant open-source community of AI researchers while also advancing commercial needs for the best and most customized large AI models.”
What the investors have to add
Ali Farahanchi, partner at Camford Capital, further added, “FedML has a compelling vision and unique technology to enable open, collaborative AI at scale. Their leadership team combines humility, hard work and perseverance with deep technical capabilities, and they’ve already made strong progress. In a world where every company needs to harness AI, we believe FedML will power both company and community innovation that democratizes AI adoption.”
What the official of Theta Network has to add
Besides, Mitch Liu, co-founder and CEO of Theta Network, the leading Web3 blockchain infrastructure for video, media and entertainment, commented, “FedML’s collaborative AI unlocks unprecedented opportunities in the entertainment industry when coupled with Theta’s distributed global network of edge nodes. We’re seeing significant consumer demand for generative text-to-image and text-to-video AI to create new content and new experiences. With FedML technology, it is possible to transform media businesses by offering personalized AI-based experiences while rewarding users for contributing data, computing and storage resources.”
About Fed ML
Salman Avestimehr and Chaoyang He launched the company in 2022. Fed ML has quickly become a leader in community-driven AI. It hosts the top-ranked open-source library for federated machine learning.
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