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Allegro.AI secures $11Mn Fund for Advancing Deep Learning Platform

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Published on : Apr 26, 2018

The application of machine learning technologies and artificial intelligence (AI) is creating a profound impact on the way we engage and interact with devices in our day-to-day life. There isn’t a dearth of AI services based on deep-learning platforms for developers to capitalize on. Nevertheless, there exists a noticeable gap for an open and collaborative-based ecosystem that can enable cash-strapped businesses to build smart AI-powered devices without worrying about the large in-house expertise they lack. Allegro.AI, a start-up specifically to fill this gap, has recently secured US$11 million in funding that will be committed to develop deep learning platforms that various techno-savvy companies can use to develop AI-based enterprise services. Although, behemoths with the likes of Google, Microsoft, Facebook, and Apple are offering AI-based services in some way, small companies are overly wary about intensively engaging with them long-term.

Savvy Companies can use Edge Computing for Leveraging Potential of Computer-Vision-Based Technologies

Of note, the funding raised by Allegro can’t be considered substantial by any standard but will pave way for savvy companies with tight budgets to meaningfully engage with the platform to leverage the potential of computer-vision-based technologies. A number of customers in a range of industry verticals such as mobility and robotics focused on developing AI-powered applications and services will find the platform a much-needed framework to develop more responsive and smarter devices. The ecosystem advances deep learning applications for clients and companies by taking advantage of the computing at the edge to work with data with image-based neural networks.

Companies can engage with Allegro either as cloud-based on on-premise model or a combination of the two. In the coming months this year the startup is planning for an expansive launch of commercial services. Prominent strategic investors behind the funding are MizMaa Ventures, Israeli fund Dynamic Loop Capital, the Samsung Catalyst Fund, and Robert Bosch Venture Capital GmbH.

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