Neural Magic, a Somerville, Massachusetts-based provides software to facilitate deep learning deployment in edge locations, raised a $30 million Series A funding round. This financing brings the company’s total amount raised to $50 million.
The round was led by existing investor NEA, with participation from Andreessen Horowitz, Amdocs, Comcast Ventures, Pillar VC, and Ridgeline Ventures.
Neural Magic will use the new capital to invest in the open-source inference models and the proprietary engine the company offers to help developers deploy the models.
Company: Neural Magic Inc.
Raised: $30.0M
Round: Series A
Funding Month: October 2021
Lead Investors: NEA
Additional Investors: Andreessen Horowitz, Amdocs, Comcast Ventures, Pillar VC, and Ridgeline Ventures
Company Website: http://neuralmagic.com/
Software Category: Software solution for deep learning acceleration
About the Company: Neural Magic, an AI company offering a novel software architecture for machine learning. Neural Magic is unlocking the possibility of machine learning by re-imagining how deep learning is done. A team of pioneers believes machine learning has the potential to alter the trajectory of human history. Neural Magic is making deep learning faster, affordable, and flexible with automated model sparsification technologies that minimize footprint and allow models to run on CPUs at GPU speeds. The company is spun out of MIT by founders Nir Shavit and Alexander Matveev were frustrated by the limitations imposed by GPUs.
Source: https://venturebeat.com/2021/10/05/neural-magic-which-offers-software-for-growing-edge-ai-market-gets-30-million-boost/