Peltarion secures US$20m series A funding to take total investment to US$34m

Peltarion says that the proceeds from its US$ 20m series A funding will be used to  advance humankind through AI - a somewhat modest ambition!

Peltarion thinks on the big side, it reckons that making AI operational will help to solve world’s problems – from food distribution to disease diagnostics — more quickly and at scale.

Its mission, ‘to boldly go’ and make AI technology useable and affordable for governments, not-profits and businesses alike.

Its latest round brings Peltarion’s total funding to US$34m, including previous investment from FAM, the holding company privately owned by the three largest Wallenberg foundations, and EQT Ventures.

So that’s a lot of money, but will it be enough to save humankind?

It says that the “Peltarion Operational AI platform makes building and deploying AI products and services easier, faster and more affordable. Its API approach creates an enterprise-ready solution, lowering the bar of hard-to-find AI skills required to build AI products and services, while reducing the need for expensive infrastructure.”

“AI is a technology that everyone should benefit from,” says Luka Crnkovic-Friis, CEO and co-founder of Peltarion. “Our mission is to make AI technology useable and affordable for all and this investment will help us to grow and scale in order to do more good in the world.”

See also: AI ethics: Time to move beyond a list of principles – AI ethics must move beyond lists of ‘principles’ says new report from the Nuffield Foundation and Leverhulme Centre for the Future of Intelligence

Over the last 12 months, Peltarion has been onboarding clients from a variety of different countries and focus areas — from the media industry through to finance and healthcare. Many of these solutions are already helping to make a difference in the world, particularly in relation to: cancer tumor segmentation, skin cancer detection, agriculture yield optimisation, DNA prediction and energy.

In 2018, Peltarion founded the Swedish AI council, to establishing a continuous dialogue between Industry, Academia, Swedish Government and EU. The company has also built several technical and service partnership agreements with, including:

  • Sopra Steria
  • Bearingpoint
  • Silo.AI
  • Fourkind
  • Neiron
  • Avaus

Related: Gartner: debunking five artificial intelligence misconceptions – Gartner says it’s time for business and IT leaders developing AI projects to separate reality from myths to devise their future strategies

About Peltarion

Peltarion provides a collaborative, graphical cloud platform for developing, managing and deploying deep learning systems at scale. It’s designed for use, so it’s got everything you need to execute an AI project from start to finish in a single software platform.

Founded in 2004, over 300 companies and organisations have used Peltarion’s AI technology including NASA, Tesla, iZettle, General Electric, Dell, BMW, Deutsche Bank, Lloyds Banking Group, and the Universities of Harvard, MIT and Oxford. it says: “Our mission is to make AI technology usable and affordable for all.”

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Michael Baxter

.Michael Baxter is a tech, economic and investment journalist. He has written four books, including iDisrupted and Living in the age of the jerk. He is the editor of and the host of the ESG...