Syntiant, a leading edge AI chip developer, has closed $55 million (£42m) in a series D funding round, bringing total investment in the company to $120 million (£91m) since its founding in 2017.
The Silicon Valley-based firm bagged five new investors including Renesas Electronics, Millennium Technology Value Partners, and Mirae Asset Capital, amongst others.
“We are at a pivotal point of our company’s growth and development, having shipped more than 20 million of our Neural Decision Processors as global market demand for edge AI rises among device manufacturers,” said Kurt Busch, CEO at Syntiant.
According to a Deloitte report, the edge AI chip market is forecast to grow at a 20% CAGR and surpass 1.5 billion processor sales by 2024.
“We have built a strong customer pipeline that represents the leading suppliers, from earbuds to automobiles and most everything in between. This new round of funding will help us expedite full production deployments among more than 50 current customer engagements, as our technology continues to make edge AI accessible to any battery-powered device,” Busch added.
Last year, Syntiant collaborated with Renesas Electronics to develop a voice-controlled multimodal solution with Renesas’ RZ/V Series MPUs and Syntiant’s NDP120 Neural Decision Processor (NDP) that enables low-power operation for image processing in edge AI systems.
“Our investment in Syntiant further demonstrates the synergies between our companies as we work together to deliver combined edge AI solutions to customers globally,” said Sailesh Chittipeddi, EVP, GM of IoT and infrastructure business at Renesas.
The new funds will be used for enhancing software capabilities, as well as accelerating deployment of the company’s third-generation Syntiant Core 3 architecture, which is planned for a 2023 release.
“We have researched dozens of edge AI chip companies, and Syntiant is the first we have seen to develop a software-centric turnkey solution that is already being deployed at scale,” said Jay Chong, partner at Millennium Technology Value Partners.
Designed for wearable devices such as earbuds and smartphones, Syntiant’s Neural Decision Processor allows the edge AI system to take advantage of multiple modalities– to hear, speak, see, and feel. The hardware platform claims to offer more than 100x efficiency improvements while maintaining a 10x increase in throughput.
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