Imagimob, a leading provider of real time Edge AI has raised €500k. The new funds is aimed at accelerating further growth, which includes key recruitments in sales and AI research.
The funding round builds on the strong momentum in 2017, which saw an increasing roster of customer wins, strong customer demand and strong market growth in the white-hot areas of Edge AI.
Edge AI is expected to become a huge market by many influential industry analysts like IDC, Gartner and CB Insights and VC firm Andreessen Horowitz. Global giants like Microsoft, ARM and Qualcomm are also investing in Edge AI, validating the potential.
"We are just scratching the surface of the global market for artificial intelligence in combination with the massive scale of Internet of Things implementations", says Anders Hardebring, CEO and Co-Founder of Imagimob. "The potential is huge".
The round was lead by Permak AB and Stockholm Business Angels (Stoaf), and the round only targeted existing investors in Imagimob.