Total amount raised
$270 Millions
Latest funding date
Location
SiMa.ai has successfully raised $70 million in funding to accelerate the development and deployment of their edge AI solutions. The company has gone through multiple funding rounds, with the latest being a Series B round closed on April 4, 2024.
Keep reading to explore the intricacies of SiMa.ai's fundraising journey and the investors backing this innovative platform.
What Is SiMa.ai?
SiMa.ai, founded in November 2018 by Krishna Rangasayee and Steven J. Rosston, is based in San Jose, California. The company specializes in machine learning solutions for edge applications, offering a versatile platform that supports various edge applications, networks, models, modalities, frameworks, sensors, and resolutions.
SiMa.ai's main product is the MLSoC (Machine Learning System on Chip), which enables full-pipeline implementations of real-world ML solutions. Their hardware-to-software stack adjusts to any framework, network, model, sensor, or modality all in one platform, achieving 10x better performance at the lowest power.
With a team of 101-250 employees, SiMa.ai serves various industries including Industrial & Robotics, Autonomous Vehicles, Government Sector, Healthcare, Smart Retail, Drones, and Smart Vision. Their solutions are designed to effortlessly scale and deploy at the embedded edge.
How Much Funding Has SiMa.ai Raised?
- Seed Round
- Amount Raised: $4M
- Date: January 2019
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To establish initial operations and develop the foundational technology for their MLSoC platform.
- Seed Round
- Amount Raised: $6M
- Date: August 2019
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further develop their MLSoC technology and prepare for market entry.
- Series A
- Amount Raised: $30M
- Date: May 2020
- Lead Investors: Dell Technologies Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale the development of their MLSoC platform and expand their team.
- Series B
- Amount Raised: $80M
- Date: May 2021
- Lead Investors: Fidelity
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate the deployment of their first-generation MLSoC and meet growing customer demand.
- Series B
- Amount Raised: $30M
- Date: May 2022
- Lead Investors: Fidelity
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To continue scaling their MLSoC platform and support new customer acquisitions.
- Series B
- Amount Raised: $37M
- Date: October 2022
- Lead Investors: MSD Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance their MLSoC technology and expand into new markets.
- Series B
- Amount Raised: $13M
- Date: June 2023
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support ongoing product development and market expansion.
- Series B
- Amount Raised: $70M
- Date: April 2024
- Lead Investors: Maverick Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate the development and release of their second-generation MLSoC, scheduled for launch in Q1 2025.
Total Amount Raised: $270M. Current Valuation: Not publicly disclosed.
Key Investors
- Maverick Capital
- Details: Maverick Capital is a private investment firm that focuses on long-term investments in public and private companies. The firm is known for its strategic approach to funding and identifying high-potential companies.
- Investment Focus Areas: Technology, Healthcare, Consumer Goods
- Notable Investments: Not publicly disclosed
- MSD Partners
- Details: MSD Partners is an investment firm that manages capital for Michael Dell and his family. The firm specializes in a diversified investment approach, focusing on long-term value creation.
- Investment Focus Areas: Real Estate, Private Equity, Credit
- Notable Investments: Not publicly disclosed
- Fidelity
- Details: Fidelity is a multinational financial services corporation known for its mutual funds and investment management. The firm has a long history of successful investments across various sectors.
- Investment Focus Areas: Financial Services, Technology, Healthcare
- Notable Investments: Not publicly disclosed
- Dell Technologies Capital
- Details: Dell Technologies Capital is the venture capital arm of Dell Technologies. The firm focuses on early to growth-stage investments in technology companies.
- Investment Focus Areas: Enterprise Technology, Cloud Computing, Cybersecurity
- Notable Investments: Not publicly disclosed
What's Next for SiMa.ai?
SiMa.ai is poised to capitalize on the burgeoning edge AI market, with significant opportunities in generative AI and multimodal applications. The company's second-generation MLSoC, set for release in Q1 2025, aims to support a wide range of AI tasks, including computer vision, transformers, and multimodal generative AI. This positions SiMa.ai to meet the growing demand for high-performance, power-efficient AI solutions across various sectors such as industrial manufacturing, retail, aerospace, defense, agriculture, and healthcare.
Given the rapid growth of the AI chip market, which is expected to reach $119.4 billion by 2027, SiMa.ai is likely to attract further investment. The company has already raised $270 million, indicating strong investor confidence. Future fundraising rounds could help accelerate the development and deployment of their innovative MLSoC technology, enabling them to expand their market reach and enhance their product offerings.
However, SiMa.ai faces challenges such as intense competition from established players like Nvidia and other AI chip startups. The need for continuous innovation and maintaining power efficiency and performance will be crucial. Additionally, scaling operations and ensuring seamless integration across diverse AI applications will be essential for sustaining their competitive edge in this rapidly evolving market.
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