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Monday, April 15, 2024

AI chip startup SiMa.ai to fast-track hiring after $37M funding

Artificial intelligence-based chip startup SiMa.ai has secured funding of $37 million. Among other things, the company will use the money to fast-track hiring and scale critical functions worldwide.

SiMa.ai, an artificial intelligence-based semiconductor business, announced a $37 million Series B1 investment led by Dell Technologies founder-backed MSD Partners on Wednesday. Fidelity Management & Research Company, Amplify Partners, Dell Technologies Capital, Wing Venture Capital, Alter Venture Partners, +ND Capital, and entrepreneur Lip-Bu Tan were among the existing partners that participated in the round.

The current investment, an extension of the $30 million Series B round SiMa.ai closed in May, brings the firm’s total capital raised to $187 million. The firm has around 100 workers in Bengaluru, India.

SiMa.ai is a machine learning (ML) system on chip platform founded in November 2018 by Krishna Rangasayee. It assists clients in incorporating machine learning inference in embedded edge applications, with an emphasis on smart vision, robotics, and autonomous systems.

Rangasayee, the company’s chief executive officer and founder, said, “This latest funding allows us to build on our product strength and customer momentum, while scaling the company more aggressively than we originally planned and validating our ability to disrupt the embedded edge industry by bringing effortless machine learning to this multi-trillion-dollar market.”

The funding will be used to speed recruiting and grow vital functions globally. It will also use the money to improve customer success and worldwide operations.

Victor Hwang, Managing Director and Co-Head of MSD Growth, stated, “We are thrilled to invest in SiMa.ai and the team led by Krishna Rangasayee at this critical juncture in machine learning adoption. SiMa.ai is still in its early stages, but it has already done a great deal in a short period of time.””

MSD Partners, located in New York, manages nearly $20 billion in assets on behalf of Dell Technologies founder and CEO Michael Dell and his family, as well as other long-term investors. Previously, the business invested in 6Sense, Fanatics, Flexport, Guesty, iCapital, Stripe, and Verkada.

Mike Dauber, General Partner at Amplify Partners, stated, “We have participated in every round of fundraising since SiMa.ai’s inaugural round. SiMa.ai has continued to garner our vote of confidence with their excellent team-building, execution, and development. We are certain that their purpose-built machine learning system on chip Platform will provide a new product category to the embedded edge market.”


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