Alteia, a Labèg, France-based AI software provider for accelerating digital transformation, announced that it closed a funding round led by Wa’ed Ventures, the venture capital arm of Saudi Aramco.
Alteia will increase its presence in the Kingdom of Saudi Arabia by opening an office in Dhahran to support some of the leading industrial companies in the MENA region and develop and deploy industrial vision-based solutions.
The company also aims to consolidate its position as a key global player in vision AI by investing massively in research and development, targeting predictive maintenance and asset management applications in the energy sector.
“This transaction demonstrates the strong interest in Alteia’s technology and affirms its leading position in the ecosystem of enterprise AI software companies. It comes in addition to the investment made by leading global technology investor Intel Capital and demonstrates the growing interest in vision AI, as 80% of organizations will leverage some form of computer vision by 2023 to monitor their activities.” Michael De Lagarde, President and CEO of Alteia, said.
Funding Month: September 2022
Lead Investors: Wa’ed Ventures
Company Website: https://alteia.com/
Software Category: Visual Intelligence Platform
About the Company: Alteia is an operating system for visual data on an industrial scale. It offers a comprehensive software suite that combines computer vision, geospatial analysis, and artificial intelligence. It enables enterprise customers to leverage visual data efficiently to make better decisions. By processing and analyzing visual data from various types of sensors, Alteia enables companies to optimize their operational performance and create or maintain their competitive advantage, making their business safer, more sustainable, and more efficient. The platform developed by Alteia allows solving complex industrial problems at scale thanks to artificial intelligence and generating predictions in various fields: network maintenance, manufacturing, agriculture, forestry, and equipment inspection.