DeepTech company Cron AI has raised $4 million in its VenturEast and Kitaki Ventures led Series A funding round. The round also saw participation from existing investor YourNest Venture Capital.
The company said in a statement, “With this funding, Cron AI will be able to accelerate the delivery of senseEDGE™ into new markets to power the core of the autonomous systems and automated machines to shape the future.”
Dr. Srikanth Sundararajan, General Partner at VenturEast, said, “There is high demand for deep learning deployment on the edge for real-time data inferencing, including 3D image extraction. Many industries are rapidly shifting away from the traditional centralized cloud model to the compute at the edge. Our investment thesis on this space is strong, thus we were keen to invest in Cron AI with their specific focus on edge computing, and differentiated IP as it relates to perception technology. We believe in the vision of Cron AI’s founders, and the unique IP differentiated solution for addressing computation scaling of the edge leveraging FPGA platforms.”
“The 3D sensing and automated systems markets are moving towards moon-shot growth, as evidenced by the recent successful SPACs across the value chain. This new investment demonstrates the confidence our investors have in our approach and vision towards becoming the heart of an autonomous future. We are now poised towards global expansion to deliver truly adaptive perception to innovators and allow them to accelerate productization, mitigate time and investment risks, and bring standardization to an extremely fragmented market,” said Tushar Chhabra, Co-founder and CEO, Cron AI.
Mansi Verma, Sr. Investment Manager, VenturEast, said, “Cron’s platform offers significant performance benefits, in terms of higher throughput along with lower latency and reduced power consumption, making Cron the partner for choice for leading OEMs and LiDAR companies based in Europe and North America. Cron has demonstrated how innovative deep tech products for global markets can be built out of India.”
Tushar added, “Ultimately, our aim is to take 3D data perception to singularity. We believe the automated future must be built around a completely reimagined revolutionary and adaptive architecture for processing 3D sensor data, and this is precisely what our platform is optimised to deliver.”
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