AI chip startup SiMa.ai raises $37 million in B1 funding round

• ByStartupStory     |    October 27, 2022

With new investment from MSD Partners, L.P., SIMA.AI, a machine learning firm that enables deployment and scaling at the embedded edge, has increased its Series B1 round to $67 million. Existing partners Fidelity Management & Research Company, Amplify Partners, Dell Technologies Capital, Wing Venture Capital, Alter Venture Partners, +ND Capital, and Lip-Bu Tan are also participating in the round.

With the help of the Series B1 funding, SiMa.ai can expand globally and hire more quickly for key roles. The investment will also give the company the money it needs to expand operations and client success abroad.

The newest funding, according to SiMa.ai’s CEO and founder Krishna Rangasayee, enables the business to capitalise on its customer and product momentum. By bringing seamless machine learning to this multi-trillion dollar sector, he continued, “We can also scale more aggressively than originally intended and validate our potential to disrupt the embedded edge industry.”

The capital is invested on behalf of Michael Dell, the founder and CEO of Dell Technologies, his family, and other long-term investors by the investment firm MSD Partners. It has made investments in businesses like 6Sense, Fanatics, Flexport, Guesty, iCapital, Stripe, and Verkada and is currently managing over $20 billion.

Victor Hwang, managing director and co-head of MSD Growth, stated, “We are thrilled to invest in SiMa.ai and the team led by Rangasayee at this crucial time in the wider usage of machine learning. “The embedded edge sector needs an iconic, forward-thinking, industry disruptive firm like SiMa.ai that helps clients to put their unique products to market in order to leverage the power of machine learning’s advanced capabilities,” says SiMa.ai.

Since SiMa.ai’s original round of fundraising, “We have taken part in every round of funding,” said Mike Dauber, general partner of Amplify Partners. “SiMa.ai has maintained our trust with their amazing teamwork, performance, and advancement. With their specially designed MLSoC Platform, we are confident they will introduce a new product category to the embedded edge market.

The industry’s first purpose-built software-centric MLSoC Platform for the embedded edge market, according to SiMa.ai, has recently begun shipping with first-time-tape-out commercial success.

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