{"id":14244,"date":"2019-02-14T21:00:48","date_gmt":"2019-02-14T21:00:48","guid":{"rendered":"https:\/\/rsoftsolution.com\/blog\/peltarion-raises-20m-for-its-ai-platform.html"},"modified":"2019-02-14T21:00:48","modified_gmt":"2019-02-14T21:00:48","slug":"peltarion-raises-20m-for-its-ai-platform","status":"publish","type":"post","link":"https:\/\/www.rbsitsoftwaresolution.in\/blog\/peltarion-raises-20m-for-its-ai-platform.html","title":{"rendered":"Peltarion raises $20M for its AI platform"},"content":{"rendered":"

Peltarion<\/a>, a Swedish startup founded by former execs from companies like Spotify, Skype, King, TrueCaller and Google, today announced that it has raised a $20 million Series A funding round led by Euclidean Capital<\/a>, the family office for hedge fund billionaire James Simons<\/a>. Previous investors FAM and EQT Ventures also participated, and this round brings the company\u2019s total funding to $35 million.<\/p>\n

There is obviously no dearth of AI platforms these days. Peltarion focus on what it calls \u201coperational AI.\u201d The service offers an end-to-end platform<\/a> that lets you do everything from pre-processing your data to building models and putting them into production. All of this runs in the cloud and developers get access to a graphical user interface for building and testing their models. All of this, the company stresses, ensures that Peltarion\u2019s users don\u2019t have to deal with any of the low-level hardware or software and can instead focus on building their models.<\/p>\n

\u201cThe speed at which AI systems can be built and deployed on the operational platform is orders of magnitude faster compared to the industry standard tools such as TensorFlow and require far fewer people and decreases the level of technical expertise needed,\u201d Luka Crnkovic-Friis, of Peltarion\u2019s CEO and co-founder, tells me. \u201cAll this results in more organizations being able to operationalize AI and focusing on solving problems and creating change.\u201d<\/p>\n

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In a world where businesses have a plethora of choices, though, why use Peltarion over more established players? \u201cAlmost all of our clients are worried about lock-in to any single cloud provider,\u201d Crnkovic-Friis said. \u201cThey tend to be fine using storage and compute as they are relatively similar across all the providers and moving to another cloud provider is possible. Equally, they are very wary of the higher-level services that AWS, GCP, Azure, and others provide as it means a complete lock-in.\u201d<\/p>\n

Peltarion, of course, argues that its platform doesn\u2019t lock in its users and that other platforms take far more AI expertise to produce commercially viable AI services. The company rightly notes that, outside of the tech giants, most companies still struggle with how to use AI at scale. \u201cThey are stuck on the starting blocks, held back by two primary barriers to progress: immature patchwork technology and skills shortage,\u201d said\u00a0Crnkovic-Friis.<\/p>\n

The company will use the new funding to expand its development team and its teams working with its community and partners. It\u2019ll also use the new funding for growth initiatives in the U.S. and other markets.<\/p>\n

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Article source: http:\/\/feedproxy.google.com\/~r\/techcrunchIt\/~3\/AdECDk6aTOg\/<\/p>","protected":false},"excerpt":{"rendered":"

Peltarion, a Swedish startup founded by former execs from companies like Spotify, Skype, King, TrueCaller and Google, today announced that it has raised a $20 million Series A funding round <\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[19],"tags":[25],"class_list":["post-14244","post","type-post","status-publish","format-standard","hentry","category-enterprise-software","tag-enterprise"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t