Nota raises $14.7m for its AI model compression platform NetsPresso

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Nota raises $14.7m for its AI model compression platform NetsPresso
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Nota, a South Korean AI start-up, has closed a $14.7 million (£11m) Series B funding round.

Taking Nota’s total funding to $23m (£17.4m), participants in the round included Stonebridge Ventures, LB Investment, DS Asset, Intervest and Company K Partners. Nota closed its Series A roughly a year ago, raising $6.7m (£5m).

The company focuses on AI model compression technology, which is particularly important for edge devices as most AI models are too large for such small devices to process.

Nota claims its optimised models increase performance eight-fold while also using less power than unoptimised models.

Nota also develops diverse edge AI solutions for use cases such as intelligent transport, facial recognition access control, and driver monitoring.

Its main platform solution, NetsPresso, is a proprietary hardware-aware AutoML platform that automates AI model development processes through datasets. It significantly reduces the time and resources required to develop and optimise AI model for targeted hardware.

Currently in Beta testing, NetsPresso has been validated by multiple enterprises and has even been selected as NVIDIA’s success case and Arm’s AI case study.

An investor from Stonebridge Ventures said: “As the size of high-performance AI models such as GPT-3 is rapidly growing, and most AI models are too big for edge devices to handle, the importance of AI model optimisation is growing more than ever.

“We expect that Nota will be able to lead the global MLOps market not only with its optimisation software, but also with its hardware-aware AutoML solution, the first of its kind in the industry.” 

A DS Asset spokesperson commented: “Nota has proven their business potential and ability to compete in the global market based on their partnership with global server and edge market leaders, NVIDIA and Arm.”

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