The Swedish deep learning artificial intelligence (AI) company Peltarion is today announcing that FAM, the holding company privately owned by the three largest Wallenberg foundations, has joined EQT Ventures to invest €11m in the company.
Peltarion announces investment by FAM, owned by the three largest Wallenberg Foundations, and EQT Ventures
Stockholm, May 8, 2018
The investment recognises AI as the power behind the next industrial revolution and Peltarion’s attractive position and business model. The fresh funds will be used to scale the company, as it aims to make AI technology usable and affordable for all.
Today, building AI business solutions is complex and expensive. However, by using Peltarion’s platform, companies don’t have to invest huge amounts of time, money and resources into building their own complex AI offerings. Led by top engineers from Spotify, Skype, King, TrueCaller and Google, Peltarion provides a collaborative, graphical cloud platform for developing, managing and deploying deep learning systems at scale.
“We believe that Peltarion is really well positioned to become a global player and follow the long line of Swedish tech success stories as they are giving what companies what they are craving: simpler, faster and more affordable access to end-to-end AI. We see the need for Peltarion’s knowledge and platform in many companies across a range of industries”, said Lars Wedenborn CEO of FAM.
“We are really excited to be welcoming FAM and their expertise on board. The Wallenberg Foundations has been instrumental in putting AI on the national agenda in Sweden through major SEK 1.0 billion investments and public interventions. This new investment brings our total financing to €14 million to date. We will be using this to accelerate, scale faster, recruit and further our mission of making AI technology useable and affordable for all,” said Luka Crnkovic-Friis, Peltarion founder and CEO.
“AI is already revolutionizing many companies around the world but it’s also depleting the world’s scarce AI talent resource. We must invest more in education and research, which is what we’re doing via the Wallenberg Foundations’ WASP initiative, but we must also ensure that companies can have easier access to AI technology through solutions like Peltarion,” said Marcus Wallenberg, Chairman of FAM.