Akridata Closes $15 Million in Series A Financing Round
SILICON VALLEY, Calif., Oct. 5, 2021 /PRNewswire/ -- Akridata, a category-maker and pioneer in Data-Centric AI, today announced the completion of its $15 million Series A round led by Venture Capital firms TeleSoft Partners, Accel, and Mobile Foundation Ventures (MFV) Partners.
In a separate news release issued today, Akridata introduced the world's first Edge Data Platform for Data-Centric Artificial Intelligence (AI). With the first AI infrastructure platform in the Data-Centric AI category, Akridata provides a decentralized structure and scalable process to deliver curated, consistent, and relevant AI data sets.
Advanced AI and Autonomy depend on massive amounts of data generated at the Edge to fuel continuous Deep Learning. Akridata was formed in 2018 to solve AI's Exascale data problem, a requirement to move AI out of experimentation and into real-world production. From automotive and transportation, to retail and healthcare, this need is a major obstacle that prevents AI-enabled products from making it to the marketplace.
"The diverse requirements of ADAS/AV (Advanced Driver Assisted Systems/Autonomous Vehicle) necessitate many elements including deep learning, cloud deployment and in-vehicle services, among others. What ties all these together is data and a massive data challenge," said Kishore Jonnalagedda, Director of Engineering, Toyota Motor Company North America. "Akridata brings us a comprehensive and novel solution that drives efficiencies, lowers the cost and accelerates our team's work toward our objectives. We will gain immediate leverage by automating data pipelines from edge locations to the cloud, allowing our data science and product development teams to focus on what matters most: delivering best-in-class ADAS/AV solutions and providing mobility for all."
The funding support will be used to scale the organization with exceptional talent, especially in engineering and customer success roles, drive further product innovation, and advance Akridata's go-to-market initiatives to meet the market demand for Data-Centric AI solutions.
"Real-world AI is all about data and solving AI's data problem is what Akridata was formed to do. We are delighted by the level of interest from the investment community and look forward to scaling Akridata to help take AI out of experimentation and into the broad marketplace," said Kumar Ganapathy, co-founder and CEO of Akridata. "The trust these prominent VC firms have put into Akridata is a testament to the quality of our engineering, the significance of the business need we are meeting, and the market-readiness of our solution -- the Akridata Edge Data Platform."
What Investors Say About Akridata
"Autonomy is the next phase of AI and one of the most significant endeavors in human history, and the data problem associated with it is not only a giant challenge, but a giant opportunity. Akridata's solution for Data-Centric AI is revolutionary and exactly what's needed to drive autonomy forward across a range of industries."
– Arjun Gupta, Chief Believer, TeleSoft Partners
"The challenges of large and scattered data sets can seriously put the brakes on the promise of AI. Akridata's unique focus on addressing these issues will make them a significant player in the next chapter of AI for advanced use-cases."
– Dinesh Katiyar, Partner at Accel
"At MFV Partners, we invest in deep tech startups transforming large industries, and once we met with Kumar and the Akridata team and learned first-hand about their approach to AI's massive video and unstructured data challenge, we immediately saw significant cross-industry use cases for the Akridata platform. From automotive and healthcare to discrete manufacturing and government, Akridata's ground-breaking innovation has the power to accelerate and transform industries."
– Karthee Madasamy, Founder and Managing Partner, MFV Partners
To learn more about the Akridata offering or to join the organization, visit the links below:
Learn more about the data challenges the Akridata team has solved from The Autonomous World and Why Akridata? videos.
Join the team to help solve one the biggest and most inspiring data problems on the planet and enable the Autonomous World.
Request a Consult of the Akridata Edge Data Platform for the Autonomous World.
Click to Tweet: Category-maker @akridata Closes $15 Million Series A Financing Round. Learn more: https://www.akridata.com/akridata-closes-15-million-in-series-a-financing-round
About Akridata
Akridata enables Data-Centric AI by solving AI's Exascale-class data problem. The Akridata Edge Data Platform is the first solution spanning Edge-Core-Cloud resources. It provides a decentralized structure and scalable process to deliver curated, consistent, and relevant AI data sets. Akridata was founded in 2018 by some of Silicon Valley's most respected entrepreneurs, data scientists, and product engineers, who collectively hold nearly 200 patents and have a history of solving some of the world's most perplexing data challenges. Akri means "Edge" in Greek. Learn more at akridata.com.
Media Contact: [email protected]
SOURCE Akridata, Inc.
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