AI-Based Chip Startup SiMa.ai Raises Investment in B1 Funding Round
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AI-Based Chip Startup SiMa.ai Raises Investment in B1 Funding Round

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AI-Based Chip Startup SiMa.ai announced on Wednesday that it has raised $37 million in a Series B1 round from MSD Partners, which is funded by the founder of Dell Technologies.

Participants in the round also included existing investors Fidelity Management & Research Company, Dell Technologies Capital, Wing Venture Capital, Alter Venture Partners, Amplify Partners, +ND Capital, and entrepreneur Lip-Bu Tan.

SiMa.ai, a machine learning (ML) system on a chip platform, was established in November 2018 by Krishna Rangasayee. It assists its clients in incorporating machine learning (ML) inference in embedded edge applications, with a focus on fields including robotics, autonomous systems, and smart vision.

“This latest funding allows us to capitalize upon our product strength and customer velocity while scaling the firm more aggressively than we initially planned and validating our capability to disrupt the embedded edge industry by bringing seamless machine learning to this multi-trillion-dollar market,” said Rangasayee, the company’s CEO and founder in a release.

With the money, the business hopes to speed up hiring and expand its operations globally. It will also use the funding to expand operations and customer success abroad.

“At this critical juncture in the widespread use of machine learning, we are delighted to invest in SiMa.ai and the team led by Krishna Rangasayee”, said MSD Growth’s Managing Director and Co-Head, Victor Hwang. “SiMa.ai is just getting started, yet in a short length of time, it has accomplished a tremendous amount.”

“Since SiMa.ai’s inaugural investment round, we have taken part in every funding round. SiMa.ai has maintained our trust with its amazing teamwork, performance, and advancement. With their specifically designed machine learning system on chip Platform, we have every confidence that they will introduce a new product category to the embedded edge market.”, the general partner of Amplify Partners, Mike Dauber, remarked.