Neural Magic recently raised a $30 million Series A round of funding for its edge AI technology. The company has been demonstrating some magic recently, and it has now raised a further $50 million from existing investor NEA. If you’re interested in learning more about the future of AI, read on to learn more about this exciting Silicon Valley startup.
Neural Magic raises $30 million Series A funding round for edge AI
Earlier this year, Neural Magic began opening up its machine learning tools. The software allows users to accelerate the model engineering process and deploy models without expensive specialty hardware. The company also announced that NEA’s Greg Papadopoulos will join its board of directors. He brings deep experience from Sun Microsystems and is known for mentoring early-stage software companies.
The company says it now employs 40 people and is positioned to grow rapidly. It has a runway until 2024. The company makes money by licensing its DeepSparse runtime engine. Among the applications Neural Magic sees as most promising are natural language processing and computer vision. Alibaba, for example, became the first company to submit multiple machines for MLPerf.
Neural Magic provides software to facilitate the deployment of deep learning algorithms on edge devices. The company’s software includes the Deep Sparse Engine, which uses sparsity-based neural networks. It also offers a sparseML tool for neural network inference and an open model repository.
Neural Magic’s Series A funding round is led by NEA and includes Adaptive Shield, an Israeli cybersecurity company. Other investors include Okta Ventures, Vertex Ventures Israel, and Base Partners. In addition to its Series A funding round, Trybe raised BRL 145 million in Brazil.
Another startup focused on edge AI, Hailo, has raised $30 million in Series A funding round led by Insight Partners. With its newly raised capital, the company will continue to improve its software and hardware for the edge. In particular, it plans to develop its Hailo-8 processors. These chips compete with Intel Movidius, Nvidia Jetson, and Google TPU. ABI Research expects that the edge AI chip market will grow 28 percent over the next two years.
The company aims to make processors more efficient by reducing the amount of data they need to store. The company also hopes to cut the amount of time processors spend traveling to external memory, which can slow them down. Neural Magic claims its technology reduces the amount of data processors have to store without sacrificing accuracy.
Mage is a Silicon Valley startup that’s demonstrating some magic
Mage is developing an AI tool for app and product developers. The company recently raised $6.3 million in a seed round led by Gradient Ventures. Its other investors include Neo and Designer Fund. Founder Tommy Dang first developed the tool after working with product developers who wanted to use AI, but didn’t have the tools to do it. In the past, developers had to turn to data scientists to help them figure out how to use AI.
Mage’s design is simple and collaborative, allowing product developers to quickly import and transform data from anywhere. They can also train and deploy their models in just a few minutes. The company’s focus is on helping product developers use their platform to improve customer engagement and upsell opportunities.
Mage Interactive is not focused on revenue at the moment, but it’s working with a group of paying customers from the beginning. These customers are helping the startup by testing its features. People dismissing this low-code approach as “elitist” are being both obstinate and elitist.
Mage raises $50 million from existing investor NEA
Mage has raised $50 million from existing investor NEA, the same firm that invested in the software company Databricks. The investment was made to expand the company’s software platform, which automates model sparsification. This allows models to run on CPUs at GPU speeds. Neural Magic was spun out of MIT by Nir Shavit and Alexander Matveev. The company has received funding from NEA, Amdocs, and Comcast Ventures. The money will be used to expand Neural Magic’s leadership in pure software machine learning acceleration and expand its developer community.
Neural Magic has raised $30 million in a Series A round to accelerate its development of edge AI applications. The startup has also recently added Greg Papadopoulos to its board of directors. He was previously the CTO of Sun Microsystems and has extensive experience in parallel data flow computing architectures.
Neural Magic raises $30 million Series A funding round for edge AI
Neural Magic is an edge AI company that specializes in software that allows companies to deploy deep learning models at the edge of their computing infrastructure. The company recently raised $30 million in a Series A funding round for its product, which helps users deploy computer vision and natural language processing applications at the edge. The company’s software enables companies to increase machine learning throughput and optimize the performance of existing computing infrastructure.
The funding round was led by NEA, with participation from other investors. Neural Magic will use the new capital to further develop its proprietary software deployment engine and open source machine learning models. The company will also invest in expanding its developer community. The new funding will help the company develop its software and accelerate the adoption of edge AI.
Company raises $50 million from existing investor NEA
Neural Magic, an AI startup that is building a software platform for deep learning inference, has raised $50 million in funding led by existing investor NEA. The new capital will be used to expand Neural Magic’s open source inference models and proprietary engine for deployment. The company is currently the only company offering both free open source modeling and a proprietary software deployment engine.
Neural Magic, which was born out of MIT, is a company that develops and distributes machine learning software. Its software enables users to train and deploy GPU-class models on commodity CPU hardware. The company also recently released a toolkit for building deep learning models called OpenVino. These tools are designed to help developers deploy their models faster and easier than ever, and they are open source.
It provides an iterative workflow through its multiple features, including Federated Learning and a model zoo. The model zoo contains a large collection of medical imaging models in the MONAI Bundle format. It also provides critical information about the models during their life cycle, allowing users to understand their usage and purpose.