SEATTLE – (COMMERCIAL THREAD) –XNOR.AI
today announced the closing of its $ 12 million Series A financing led by Madrona Venture Group with participation from NGP Capital, Autotech Ventures and Catapult Ventures. The funding will be used to unlock the next wave of AI adoption, moving AI from the cloud to run locally on smart devices.
Unlike traditional AI which runs in massive data centers and requires network connectivity, XNOR makes AI very efficient by allowing deep learning models to run directly on phones, IoT devices. and low power microprocessors. XNOR’s technology enables AI experiences up to 10 times faster, 200% more energy efficient, and using 15 times less memory.
Developers and device makers can now power drones to capture a bird’s eye view of huge fields, locate failing crops and recommend an optimal harvest time without the need for an internet connection. Players can now create interactive and immersive worlds that can run on basic cell phones. And smartwatches can provide real-time health notifications without being connected to the internet.
âXNOR’s mission is to remove the barriers that prevent the widespread use of AI in everyday devices. Our âEveryone Anywhere AIâ technology eliminates the need for internet connectivity, runs on inexpensive hardware platforms, and eliminates the latency inherent in traditional cloud-based AI systems, âsaid Ali Farhadi, co-founder and CEO of XNOR.
The new funding will allow the company to accelerate the development of the XNOR development platform which will be launched in fall 2018. This self-service platform will enable businesses, device makers and developers applications, even those without AI expertise, integrate state-of-the-art AI models into their applications and let them run on “edge” devices such as phones mobiles, drones and IoT cameras.
âAli, Mohammad and their team are creating the technologies that will enable the next big innovation in AI: intelligence and computing at the edge. These peripheral devices need immediate intelligence to operate efficiently and intelligently, âsaid Matt McIlwain, Managing Director of Madrona Venture Group. “We believe the next big breakthroughs on the periphery will come through the XNOR platform.” As part of the funding, Matt McIlwain will continue to serve on the board of directors of XNOR.
âAI is becoming an integral part of the transportation industry. XNOR’s lightweight algorithms will enable ‘cutting edge AI’ for a wide range of applications, from cars to fleet management to smart infrastructure, âsaid Alexei Andreev, Managing Director of Autotech Ventures joining the board of directors as an observer.
XNOR is working with leading semiconductor partners, such as Ambarella, to enable XNOR technology with their products, enabling customers to accelerate time-to-market for AI-enabled edge devices. âWe are excited to be working with XNOR to bring their advanced AI capabilities to Ambarella’s low-power HD camera SoCs,â said Chris Day, vice president of marketing and business development for Ambarella. âThe combination will help deliver a new generation of smart IoT cameras, including smart home surveillance devices, capable of delivering analytics to the edge. ”
XNOR quickly emerged as a leading innovator in the expanding Seattle AI space. The underlying technology was developed at the Allen Institute for Artificial Intelligence and developed through AI2 incubation program in 2017.
XNOR is dedicated to accelerating the adoption of AI and deep learning in consumer and business devices. Its enterprise AI algorithms and self-service development platform deliver AI everywhere, for everyone. Unlike traditional AI systems that run in the cloud on massive data centers, XNOR allows AI to run on inexpensive devices without internet connectivity. This new, highly scalable approach ensures complete data privacy, eliminates the need for connectivity, and dramatically reduces memory load and power demands without compromising accuracy. It is used by global aerospace, automotive, retail, photography and consumer electronics companies. XNOR’s platform is based on award-winning research conducted at the Allen Institute for Artificial Intelligence. Founded in 2017, XNOR is headquartered in Seattle, Washington.