Artificial Intelligence (AI) startup Allegro.AI announced on April 25 that it has raised $11 million in a Series A round of funding. The company is developing a deep-learning-as-a-service platform.
The new funding round was led by MizMaa Ventures, with participation from Robert Bosch Venture Capital GmbH (RBVC), Samsung Catalyst Fund and Dynamic Loop Capital.
"AI and machine learning will transform the way we interact with all the devices in our lives, by enabling them to process what they’re seeing in real time," David Goldschmidt, vice president and managing director at Samsung Catalyst Fund, stated. "By advancing deep learning at the edge, Allegro.AI will help companies in a diverse range of fields — from robotics to mobility — develop devices that are more intelligent, robust and responsive to their environment."
With traditional approaches for developing AI systems, organizations need to built their own models and data framework sources. The promise of Allegro.ai is that it enables deep learning as a service, such that organizations don't have to build their own learning models.
The initial use case for Allegro.AI's platform is for computer vision, providing automated image recognition that can be used for security, drones, autonomous vehicles and other industries.
"At Allegro.AI, we’ve pioneered the platform that can underpin the entire AI product lifecycle, giving organizations the ability to utilize AI's full potential for intelligent devices today, and those that are yet to be imagined," Nir Bar-Lev, co-founder and CEO at Allegro.AI, stated.
Sean Michael Kerner is a senior editor at EnterpriseAppsToday and InternetNews.com. Follow him on Twitter @TechJournalist.