Edge Impulse raises $34m for TinyML tool
The Series B funding for the Edge Impulse TinyML technology follows a $15m round in May and was led by Coatue and triples its 2022 market valuation and growth forecast. Coatue joins existing investors, Canaan Partners, Acrew Capital, Fika Ventures, Momenta Ventures, and Knollwood Investment Advisory, to cap off an incredible year.
“We are excited to have David Cahn, a Partner at Coatue, join our board and help us drive forward our vision of edge ML for developers building enterprise-grade solutions,” said Zach Shelby, Edge Impulse Co-founder and CEO.
“With more data being collected every year, compute is shifting towards the edge, creating a big market opportunity for machine learning,” said David Cahn, a partner at Coatue. “This is why we are excited to back Edge Impulse, which we believe is emerging as the leading platform for developers to rapidly build and deploy machine learning solutions. We are proud to partner with Zach, Jan and the rest of the team on their journey to being the leader in this category.”
- Edge Impulse raises $15m for TinyML
- TinyML platform builds AI models in minutes
- €100m project to develop low power edge AI microcontroller
- Code free machine learning tool for edge IoT equipment
Since the launch in 2019, the company says nearly 30,000 developers from thousands of enterprises have created over 50,000 custom ML projects using Edge Impulse, building smarter industrial, logistics, consumer and health solutions. The developer base has increased by a factor of four, with annual recurring revenue tripling.
“By 2027, machine learning in the form of deep learning will be included in over 65 prcent of edge use cases, up from less than 10 percent in 2021,” says market research firm Gartner.
“Series B funding allows Edge Impulse to capture the rising demand for edge ML solutions, as we double down on our vision and continue to expand our ecosystem. We have already partnered with over 20 leading hardware vendors from MCUs to GPUs, recently announcing NVIDIA, Texas Instruments, Syntiant and Synaptics support,” said the company.
One key customer is Renesas. “Edge Impulse is not just a tool for ML, it’s a new way of looking at software engineering. It enables a new approach to extract immediate value from your domain-specific edge data. Edge Impulse is what this market has been missing for the last five years,” said Kaushal Vora, Director of Strategic Partnerships & Global Ecosystem in IoT and Infrastructure Business Unit at Renesas.
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