Edgify, Edge Computing Startup, Secures A Funding of $6.5M seed from Octopus and Mangrove
Recently, Edgify, a leading AI provider for edge computing, has announced that they have secured a $6.5 million funding from Mangrove Capital Partners, Octopus Ventures, and an unnamed semiconductor giant. While the name of the company was not released publicly but there is an interpretation that it can be Intel Corp. or Qualcomm Inc.
The company allows its edge devices to interpret the bulks of data to train an AI model locally. They then share the learning across its network, training there any other devices from computer vision, voice recognition, NLP, or other forms of AI.
This new technology can be applied to anything from connected cars, MRI machines, checkout lanes, mobile devices.
In a statement, Ofri Ben-Porat, CEO and co-founder of Edgify, “Edgify allows companies, from any industry, to train complete deep learning and machine learning models, directly on their own edge devices. This mitigates the need for any data transfer to the Cloud and also grants them close to perfect accuracy every time, and without the need to retrain centrally.”
Mangrove which is a partner of Hans-Jürgen Schmitz will join Edgify’s Board comments, they said “We expect a surge in AI adoption across multiple industries with significant long-term potential for Edgify in medical and manufacturing, just to name a few.”
Simon King, partner and Deep Tech Investor at Octopus Ventures, “As the interconnected world we live in produces more and more data, AI at the edge is becoming increasingly important to process large volumes of information.”