Sumitomo leads $10m backing of edge AI startup Anagog
Anagog in Tel Aviv is developing JedAI, a machine learning package that works on smartphone apps to perform data analysis for edge AI. JedAI uses information obtained through GPS, Wi-Fi and acceleration sensors installed on devices to analyse such elements as users’ positions, movements, habits and tastes. This analysis is carried out entirely on the devices, with the results sent to app companies as anonymous information if and only if the user has given permission. The app companies can then use the anonymised data to provide services tailored to individual needs.
The market for mobile marketing via position information is said to have grown by an average of about 20% per year since 2017 and is expected to reach $32bn in 2021. However privacy is key, and consideration must be given to users’ personal information and privacy when analyzing such data.
The Series C round was led by IN Venture in Tel Aviv, a venture capital group that is part of Sumitomo’s Global Venture Group. IN and existing investor and VC firm, MizMaa, were joined by automotive supplier Continental.
“We are proud to have IN Venture and Continental join us and are excited about their and MizMaa’s investment in our company, intended to drive greater momentum and growth for our business,” said Ofer Tziperman, CEO of Anagog which was founded in 2010.
“Especially during this global, challenging period, we continue to revolutionize the way companies understand their customers and deliver hyper-personalized experiences based on physical world behaviour. The new investment will play a significant role in enhancing our capabilities and future technology offerings. It will help us address the increasing demand for better personalization capabilities and position Anagog as the leader in edge AI. With our investors’ support, we will change the way companies reach, connect with and create meaningful relationships with consumers around the world, providing them with seamless customer experiences and bulletproof privacy.”
The investment will be used to boost R&D and global sales, including several new product innovations that will be revealed in the coming months, says Tziperman
“We are really excited to get on board,” said Eitan Naor, Managing Partner of IN Venture. “Anagog has an exceptional deep technology and an experienced team. We believe that the combination of edge-AI, hyper-personalization, and strict privacy is a game changer in several key domains. We are joining to support Anagog becoming a market leader while impacting the lives of millions of people around the world.”
“Anagog has a unique mix of state-of-the-art technology, a highly talented and experienced team, and a leading edge AI solution that revolutionizes and enhances end customer experiences,” said Rouven Spinner, Investment Partner – Venture Capital at Continental. “We are thrilled to work with Ofer and his passionate team, while pursuing our goal of leveraging and creating more data-driven and based mobility services.”
“Given the global privacy regulation tsunami, we believe that no business will be able to compete without adopting a privacy-by-design solution, and Anagog is standing ready to provide such a deep-tech solution,” said Isaac Applbaum, Managing Partner at MizMaa Ventures.
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