Allegro.AI, the pioneering deep learning computer vision platform, today announced that it has closed its Series A fundraising round, led by MizMaa Ventures, with participation from Robert Bosch Venture Capital GmbH (RBVC), Samsung Catalyst Fund and Dynamic Loop Capital, bringing the total investment to $11 million.
Founded in 2016, Allegro.AI offers the first end-to-end AI lifecycle management solution, with a focus on deep learning applied to computer vision. The company’s platform simplifies the process of developing and managing artificial intelligence (AI)-powered solutions – such as autonomous vehicles, drones, security, logistics and others.
Leading global companies – among other customers – are already using Allegro.AI to bypass the manual and time-consuming exercise of building their own datasets and models to develop AI-powered solutions, while keeping complete and confidential control of their data and AI assets. By expediting the process of developing and managing a deep learning solution, organizations benefit from an underlying platform that automatically annotates images and videos, enables continuous learning of models, and quickly scales the entire AI product lifecycle.
Allegro.AI will use the funding for continued development of its deep learning computer vision platform, customer rollout of its solution, and talent acquisition. The company was founded by three seasoned veterans, leading a team with extensive experience in computer vision, deep learning, embedded and high performance computing, DevOps and engineering.
Catherine K.C. Leung, Co-Founder & General Partner at MizMaa Ventures, said, “In a very short timeframe Allegro.AI has astutely identified the market challenges and opportunities in computer vision, video comprehension and AI product management, and delivered a technology that is perfectly positioned to significantly impact the future of intelligent devices. Israel represents one of the most dynamic centers for innovation, and Allegro.AI can drive mutual success for companies in the U.S. and Asia. We are delighted to lead this financing, and be joined by other world-renowned investors.”
Dr. Ingo Ramesohl, Managing Partner at RBVC, said, “As organizations increasingly build applications that require more vision processing on edge devices, continuous learning and personalized AI models will become the norm. Allegro.AI’s platform can accelerate video comprehension and other deep learning-based solutions for industries as diverse as automotive, security, industrial robots and others, while giving companies complete control over their data.”
David Goldschmidt, Vice President & Managing Director at Samsung Catalyst Fund, said, “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. 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. We’re particularly excited about this investment because, like Samsung, Allegro.AI is committed not just to developing this foundational technology, but also to building the open, collaborative ecosystem that is necessary to bring it to consumers in a meaningful way.”
Nir Bar-Lev, Co-Founder and CEO at Allegro.AI, said, “At Allegro.AI, we’ve pioneered the platform that can underpin the entire AI product lifecycle, giving organizations the ability to utilize AI’s full potential for intelligent devices today, and those that are yet to be imagined. We are excited to have the financial backing of such well-respected investors, who can help to accelerate our goal of empowering every company to leverage the power of AI, starting with computer vision.”
Editor’s Note: Moses Guttmann, Co-Founder and CTO of Allegro.AI, will be talking about “Why Data Management for Deep Learning Computer Vision is Challenging” at the Artificial Intelligence Conference in New York on Wednesday May 2, 4.00-4.40pm.