SiMa.ai, the machine learning company enabling effortless deployment and scaling at the embedded edge, announced it has extended its Series B1 round to $67 million with new participation from MSD Partners, L.P. The round also includes participation from existing partners: Fidelity Management & Research Company, Amplify Partners, Dell Technologies Capital, Wing Venture Capital, Alter Venture Partners, +ND Capital and Lip-Bu Tan.
“I would like to welcome MSD Partners as our newest investor,” said Krishna Rangasayee, CEO and founder, SiMa.ai. “This latest funding allows us to build upon our product strength and customer momentum, while scaling the company more aggressively than we originally planned and validating our ability to disrupt the embedded edge industry by bringing effortless machine learning to this multi-trillion-dollar market. We are grateful to all our investors for believing in our company’s vision and team as we enter into our next growth phase.”
The Series B1 financing enables SiMa.ai to accelerate hiring and scale critical functions worldwide. In addition, the investment will provide the capital to drive customer success and operations globally, a statement said.
“We are excited to invest in SiMa.ai and the team led by Krishna Rangasayee at this pivotal time in the wider adoption of machine learning,” said Victor Hwang, Managing Director and Co-Head, MSD Growth. “To unlock the power of machine learning’s advanced capabilities, the embedded edge industry needs an iconic, forward-thinking, industry disruptive company like SiMa.ai that enables customers to bring their innovative products to market. SiMa.ai is just at its beginning but has already accomplished a tremendous amount in a short period of time.”
“We have participated in every round of funding since SiMa.ai’s initial round,” said Mike Dauber, General Partner, Amplify Partners. “SiMa.ai has continued to gain our vote of confidence with their incredible team-building, execution and progress. We strongly believe they will bring a new product category to the embedded edge market with their purpose-built MLSoC Platform.”
HrNxt.com Newsdesk has researchers and writers with an excellent domain knowledge about the talent ecosystem, and the business environment. The team keeps a tab on the latest happenings in the ecosystem to bring most relevant news and insights for our readers. You can connect with our newsdesk at newsdesk@hrnxt.com.