London-based AI firm Edgify has secured a $6.5 million seed funding round, as it seeks to expand work processing data generated at so-called “edge” devices.

The round was led by Octopus Ventures, Mangrove Capital Partners and an unnamed semiconductor “giant,” according to the company. Mangrove partner Hans-Jürgen Schmitz will join Edgify’s board as part of the deal.

Right now, 2015-founded Edgify is primarily used at supermarket self-checkouts. Machines are enabled to make smarter decisions regarding barcodeless produce, leading to quicker and more efficient transactions. Each machines accumulates and distributes information across its network, without sending data to the cloud, making security simpler.

“Edgify allows companies, from any industry, to train complete deep learning and machine learning models, directly on their own edge devices,” said Ofri Ben-Porat, CEO and co-founder of Edgify. “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.”

Edge AI is becoming an increasingly vital tool for network operators concerned about efficiency and data protection. The edge AI market is expected to grow to a value of $1.15bn by 2023, at a CAGR of 26.5%, according to analyst Markets and Markets.

Full Story: https://www.redherring.com/cloud/british-ai-startup-edgify-raises-6-5m-seed-fund/

https://intechanalytica.com
Do you like Gemechu Taye's articles? Follow on social!
Comments to: British AI Startup Edgify Raises $6.5m, Seed Fund

Your email address will not be published. Required fields are marked *

Attach images - Only PNG, JPG, JPEG and GIF are supported.

Good Reads

Google today revealed Google Maps updates aimed at warning users of pandemic-related threats. Soon, maps will display all-time COVID-19 cases identified in an area, along with fast links from local authorities to resources. Google will also start to demonstrate how bus, train, and subway lines are crowded in more locations across the globe. Maps also […]
Today, $60 million was raised by Hover, a startup creating AI-powered apps that build 3D models of homes from smartphone images. The 200-employee firm says the proceeds will be used as Hover expands its product offerings to strengthen established partnerships with insurance companies.  6.26% of insured homes experienced a claim in 2017, compared to just […]

Worlwide

Google today revealed Google Maps updates aimed at warning users of pandemic-related threats. Soon, maps will display all-time COVID-19 cases identified in an area, along with fast links from local authorities to resources. Google will also start to demonstrate how bus, train, and subway lines are crowded in more locations across the globe. Maps also […]
Today, $60 million was raised by Hover, a startup creating AI-powered apps that build 3D models of homes from smartphone images. The 200-employee firm says the proceeds will be used as Hover expands its product offerings to strengthen established partnerships with insurance companies.  6.26% of insured homes experienced a claim in 2017, compared to just […]
Motional, the joint autonomous driving alliance between Aptiv and Hyundai, announced today that the state of Nevada has obtained permission to test its autonomous vehicles without a driver behind the wheel. The firm claims this is part of the completion of a phase of self-imposed testing and evaluation.  In the U.S., relatively few businesses have […]

Trending

WHEN SARTRE SAID hell is other people, he wasn’t living through 2020. Right now, other people are the only thing between us and species collapse. Not just the people we occasionally encounter behind fugly masks—but the experts and innovators out in the world, leading the way. The 17-year-old hacker building his own coronavirus tracker. The […]
13 September marks six months since the first coronavirus announced in Ethiopia.In the half-year since then, reported cases are close to 64 Thousend, with more than 996 deaths. At the onset, COVID-19 mainly affected the capital city. However, the virus is now moving from high-density urban areas to informal settlements and then onward to rural […]
Present international artificial intelligence (AI) inventory and progression in self-driving vehicle research and development Complementary subjects in technology are also artificial intelligence ( AI) and self-driving vehicles. In brief, without someone involved, you just can’t debate one. While AI has been rapidly applied in different areas, a new hot topic has been the way you […]

Login

Welcome to Intech Analytica

AI news hub. It checks trusted sites and collects best pieces of AI info.
Join Intech Analytica