Embedl secures €1.8M to spark deep tech innovation
Stockholm-based deep tech startup Embedl has secured €1.8 million in funding, with a total of €3.8 million contributed by the European Innovation Council or EIC.
Embedl will use the funding to expand its team, further commercialise its AI tool for optimising deep learning, conduct commercial pilots, and secure licence contracts. The company already has a pipeline of signed contracts and prospects.
Spintop Ventures took the lead in the funding round, which included participation from S-E Bankens Utvecklingsstiftelse, the key Embedl employees and angel investors. Almi Invest, Chalmers Ventures, Butterfly Ventures and STOAF, who were already investors, also participated in the round.
Embedl, a spin-off from Chalmers Technical University, specializes in improving deep learning or DL models. Although initially used in the Automotive and Aeronautics industries, Embedl’s products can be applied to any sector incorporating DL in product development.
Optimising AI to decrease energy consumption
According to co-founder and CEO Hans Salomonsson, customers rely on Embedl to achieve improved “performance in their final product,” accelerate time to market and minimise “hardware cost”.
Embedl recognises that as the use of AI systems expands across industries, the energy demands associated with maintaining these systems emerge as a significant issue.
To address this concern, Embedl focuses on optimising AI at the system level, aiming to decrease energy consumption and positively contribute to the environment.
It achieves this goal by enabling the integration of AI into consumer products, even with lower-powered hardware. It also allows users to run deep learning algorithms on battery-powered devices.
“Embedl is at the right place at the right time with a unique technology offer and packaging that empowers edge AI,” said Sami Niemi, Spintop Ventures partner.
Drawing from personal experience as the founder of a similar deep tech startup, Scalado, Niemi said he looked forward to contributing to Embedl’s journey in the future.
“Chalmers Ventures has been involved with Embedl since its first investment round,” said Sara Wallin, CEO of Chalmers Ventures. “We recognize the company’s potential and predict a substantial global market for its software.”
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