Deci, the deep learning development company that helps enterprises build, optimize, and deploy AI to production, has announced that it has raised a $21 million Series A round led by New York-based global private equity and venture capital firm Insight Partners. Deci’s existing investors Square Peg, Emerge and Jibe Ventures participated in the round and were joined by new investors including Samsung Next, Vintage Investment Partners, and Fort Ross Ventures.
The investment comes 12 months after Deci secured more than $9 million in seed funding and brings the total funding to $30.1 million. The funds will be used to accelerate Deci’s commercial growth by expanding sales, marketing, and customer success operations globally.
“Amidst an increase in the adoption of deep learning models, shortening time to market and increasing the success rate in production is becoming critical as more and more enterprises look to commercialize their deep learning-based solutions. Deci’s end-to-end deep learning development platform has a proven track record of empowering the world’s leading AI teams with the tools they need to create, optimize and successfully deploy innovative AI solutions,” said Yonatan Geifman, CEO and co-founder of Deci. “This funding is a vote of confidence in our work to empower enterprises to make deep learning breakthroughs into an every-day reality and we are delighted to be leveraging the support and experience of Insight Partners, as well as our other outstanding investors, on this journey.”
“AutoNAC created some of the best classification and detection models ever developed,” said Prof. Ran El-Yaniv, co-founder and chief scientist at Deci. “But we didn’t stop there; our technology is used for any deep learning task, be it vision or Natural Language Processing (NLP). Due to the fierce deep learning race to produce more powerful neural networks, AutoNAC is continuously improved so that Deci’s customers will always receive the strongest models.”
Following the investment, Lonne Jaffe, Managing Director at Insight Partners, will join the Board of Directors at Deci. “Deci is at the forefront of AI and deep learning acceleration, with highly differentiated technology that lets customers optimize blazingly fast deep learning models for inference tuned to any hardware platform,” said Jaffe. “We are delighted to be part of Deci’s ScaleUp journey and look forward to supporting the company’s rapid growth.”
Arya has been a part of the Content & Research Team at Hrnxt.com. She is a keen observer of economic developments, emerging businesses, people in business and keeps a tab on latest happenings in the business environment.