Malted AI Secures €6.9 Million in Seed Round
Malted AI, an Edinburgh, Scotland-based AI firm helping enterprises to build smaller, more focused AI models, has secured €6.9 million in seed funding.
Malted AI, an Edinburgh, Scotland-based AI firm helping enterprises to build smaller, more focused AI models, has secured €6.9 million in seed funding.
Investors
The round was led by Hoxton Ventures and joined by Creator Fund and angel investors.
Founded in 2013, Hoxton Ventures is a venture capital investment firm based in London, United Kingdom. The firm prefers to invest in technology companies based in the European region. Hoxton typically invests between $500,000 and $5 million into pre-seed, seed, and Series A stage companies.
Malted AI Use of Funds
The company will use the funding for research, product development, and recruitment as Malted AI doubles its team size.
About Malted AI
Founded in 2023 by Iain Mackie, Carlos Gammel, and Federico Rossetto, Malted AI specializes in building smaller, more focused AI models with greater performance at a fraction of the cost. Their technology distills output from large models into smaller, more efficient ones, allowing enterprises to apply small language models (SLMs) that solve domain-specific problems with significant cost savings. Malted AI’s technology is already being used by financial and legal firms.
Funding Details
Company: Malted AI Ltd.
Raised: €6.9M
Round: Seed Round
Funding Month: May 2024
Lead Investors: Hoxton Ventures
Additional Investors: Creator Fund
Company Website: https://malted.ai/
Software Category: AI Solutions
