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Saturday, September 23, 2023

Swedish deep tech startup secures €3.8M to streamline AI systems

Stockholm-based deep tech startup Embedl has recently collected €1.8 million (SEK 22 million). This funding is part of a larger co-financing effort by the European Innovation Council (EIC), which contributes a total of €3.8 million (SEK 45 million) to the company. The funding round was led by Spintop Ventures, with S-E Bankens Utvecklingsstiftelse, angel investors, and key employees within Embedl participating in the round. Existing investors, including Chalmers Ventures, Almi Invest, STOAF, and Butterfly Ventures, also participated in the round. The startup provides an AI solution to make calculation models less computationally intensive, enabling energy-efficient integration of AI in various products and systems. Embedl plans to utilize the funding to grow its organization, continue commercializing its AI tool for optimizing deep learning, execute commercial pilots, and secure license contracts with a pipeline of signed contracts and future opportunities.

Embedl is a spin-off from Chalmers Technical University and a deep-tech company specializing in optimization of deep learning (DL) models. Today its products are being used in the Automotive and Aeronautics industries but can be applied to any field where DL is deployed in a product.

Embedl’s solution provides significant performance enhancement when developing Autonomous Driving Systems (AD) and Advanced Driving Assistance Systems (ADAS) in the automotive sector. It will also allow AI to be incorporated into consumer products with less powerful hardware. Embedl’s solution also enables users to run deep learning algorithms on battery-powered devices, which would otherwise require excessive energy consumption.

“Customers use Embedl to gain better performance of their end product, faster time to market, and reduction of hardware cost”, says Hans Salomonsson, Co-Founder and CEO of Embedl.

As the number of AI systems continues to grow across various industries, the energy requirements for maintaining these systems become a major concern. By optimizing the AI at the system level, Embedl aims to reduce energy consumption and have a positive environmental impact.

“Embedl is at the right place at the right time with a unique technology offer and packaging that empowers edge AI. Having founded a similar deep tech startup Scalado myself, I’m very excited to contribute to Embedl journey forward!”, says Sami Niemi, Partner at Spintop Ventures.

Embedl already has a scalable product and paying customers, including number of leading AI companies. The company has a growing pipeline of potential customers both nationally and internationally with many exciting strategic commercial rollouts ahead.

“Chalmers Ventures has been involved with Embedl since its first investment round. We recognize the company’s potential and predict a substantial global market for its software.”, says Sara Wallin, CEO Chalmers Ventures.

The European Innovation Council (EIC), a European fund specializing in deep tech investments based on research, has chosen to co-finance Embedl’s capital round. The EU recognizes the strategic importance of AI and its investments in this field. Embedl is considered Sweden’s and Europe’s leading company for deep learning in embedded systems.

The capital raised in this funding round, along with the co-financing from the EIC, will be used by Embedl to expand its organization and continue commercializing its deep learning optimization tools for AI.

Click to read more funding news.

Nurcin Metingil
Nurcin Metingil
A permanent student, a passionate first reader and nowadays doing master’s degree in Publishing Management. Beside these, I am up for games! I have been playing games since I was 6. Now, I am whispering "Business. Business. Numbers. Is this working?"

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