US-based SiMA.ai, which develops AI-focused processors, has raised $150 million in Series C funding led by Fidelity Management & Research Company and Amplify. The following investors participated in the round:
- Alter Venture Partners
- Dell Technologies Capital
- Maverick Capital
- +ND Capital
- Point72
- StepStone Group AllianceBernstein
- Baron Capital
- J.P. Morgan
- the State of Michigan
Founded in 2018, the company’s valuation has risen to $1.45 billion. SiMA.ai will use the investment to develop its AI platform and next-generation chips. The company develops chips and software that enable AI applications to run on robots, drones, cameras and other physical devices instead of in the cloud.
Why it matters
This development shows that the approach focused on running AI computing not only in cloud infrastructures but also directly on physical devices such as robots, drones and cameras has attracted funding. For this reason, the development is relevant not only to those developing AI applications but also to device manufacturers seeking to use this technology in the field. The goal of offering the processor and software together puts forward a model that would enable devices to use AI capabilities without relying on a separate cloud service. The question that remains is which application areas and types of devices this investment will prioritize; the scope of use for the company’s new platform and chips has not yet been disclosed.