London-based startup Edgify has today announced that it has completed a $6.5m seed funding round in order to bring artificial intelligence (AI) training frameworks to edge computing.
The funding round saw investment rom Octopus Ventures, Mangrove Capital Partners and an unnamed company described by Edgify as a “semiconductor giant”.
Central to the startup’s offering is edge devices – a growing body of devices that make use of edge computing to compute locally, rather than on the cloud. These include connected cars, checkout lanes, mobile devices and MRI machines.
However, due to the computer power required, AI training is generally done in the cloud and fed to edge devices, a process that increases both costs, time and inefficiencies.
Edgify is taking on this issue with a framework that enables AI to be trained on a network of edge devices, rather than in the cloud. It is already deployed in supermarkets, where it is being used to increase the speed and accuracy of self-checkout machines.
It also has the benefit of not requiring new infrastructure or transferring data to the cloud, removing privacy concerns around the handling of data stored in such environments.
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“Edgify allows companies, from any industry, to train complete deep learning and machine learning models, directly on their own edge devices,” explained Ofri Ben-Porat, CEO and co-founder of Edgify.
“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.”
Edgify funding sees investors drawn by burgeoning market
Edgify has received funding as edge computing faces years of growth ahead, making the market potential of its technology significant.
“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,” said Simon King, partner and deep tech investor at Octopus Ventures.
“Edgify’s work is a shining example of using pioneering technology to address society’s challenges and improve the way we operate – driving forward progress across all industries.”
The unnamed semiconductor company’s strategic investment in the startup also highlights the potential impact of the technology.
“Our Investment in Edgify is of a strategic nature that is by embedding their framework on our chipset we will be able to enable our customers to reduce their data communication and storage costs,” said the company’s lead investor.
“We feel Edgify’s Federated Learning framework is industry-leading and we look forward to our active collaboration.”