Stockholm-based startup Peltarion’s mission is to make AI technology useable and affordable for governments, non-profits and businesses alike. It believes that making AI operational will help to solve world problems – from food distribution to disease diagnostics – more quickly and at scale.
The startup announced that it has raised a €18 million Series A financing round led by Euclidean Capital, bringing Peltarion’s total funding to €30 million, with previous investments from FAM and EQT Ventures.
Founded in 2005, Peltarion has recently built up strong momentum, onboarding clients from a variety of different countries and sectors – from the media to finance and healthcare. Many of these solutions are already helping to make a difference in the world, for example in applications such as cancer tumor segmentation, skin cancer detection, agriculture yield optimisation, DNA prediction, and clean energy.
Peltarion’s Operational AI platform makes building and deploying AI products and services easier, faster and more affordable. Its API approach creates an enterprise-ready solution, lowering the bar for hard-to-find AI skills required to build AI products and services, while reducing the need for expensive infrastructure.
“AI is a technology that everyone should benefit from. Our mission is to make AI technology useable and affordable for all and this investment will help us to grow and scale in order to do more good in the world,” said Luka Crnkovic-Friis, CEO and co-founder of Peltarion.
In 2018, Peltarion founded the Swedish AI council, to establishing a continuous dialogue between Industry, Academia, Swedish Government and EU. Over 300 companies and organisations have used Peltarion’s AI technology to date, including NASA, Tesla, iZettle, General Electric, Dell, BMW, Deutsche Bank, Lloyds Banking Group, and the Universities of Harvard, MIT and Oxford.