AI Development Tools Company Allegro.AI Emerges from Stealth
The company announced it raised $11 million from Investors including Samsung Catalyst Fund, Robert Bosch Venture Capital GmbH and MizMaa Ventures
Artificial intelligence tech company Allegro.AI announced on Wednesday its emergence from stealth with $11 million in funding. The company closed an A Series led by San Francisco-based MizMaa Ventures, with participation from Robert Bosch Venture Capital GmbH (RBVC), the Samsung Catalyst Fund, and Sir Ronald Cohen's private investment venture Dynamic Loop Capital.
For daily updates, subscribe to our newsletter by clicking here.Israel-based Allegro.AI offers a development and management platform for artificial intelligence technology, intended to simplify the process of developing and managing AI-based services such as autonomous vehicles and drones, security, and logistics, with a special focus on computer vision. The company was founded in 2016 and its team includes academic researchers, AI experts and former Google employees.
Over the past 20 years, the technology industry has gained a wide set of tools that make developing software faster and cheaper, giving companies the ability to install high range capabilities in lower-end products, but no similar tools applying to AI technologies were developed, Allegro.AI Co-Founder and CEO Nir Bar-Lev said in an interview with Calcalist.
The company's software offers such dedicated tools for all three stages of development: gathering and entering data, product testing, and real-world deployment. "Once a product such as a security camera is installed, it is static and doesn't learn anymore," Mr. Bar-Lev explained. "We enable customers to continue teaching (and updating the capabilities of) devices while in use, and every device can continue to improve its specific operations."
Allegro.AI already has paying customers, ranging from small startups to large multinationals.
“AI and machine learning will transform the way we interact with all the devices in our lives, by enabling them to process what they’re seeing in real time," said David Goldschmidt, vice president and managing director at Samsung Catalyst Fund, in a statement. "By advancing deep learning at the edge, Allegro.AI will help companies in a diverse range of fields—from robotics to mobility—develop devices that are more intelligent, robust, and responsive to their environment."