Sweden-based Peltarion, a 15-year old company that has developed a platform which essentially allows companies and governments to create and deploy artificial intelligence technology and processes for their own operations, has raised $20 million in fresh funding.
The capital comes from Euclidean Capital, the family office for hedge fund billionaire James Simons, and prior backers FAM and EQT Ventures.
Peltarion has now raised $34 million to date since it was founded in 2004, in its effort to - and I quote - "make AI accessible for all in order to solve the world’s problems faster".
The startup says it has worked on AI projects with more than 300 organisations until now, and that it has already enabled users to speed up cancer diagnoses, and helped to prevent famines by using satellite data to identify diseased crops early in third-world nations.
Companies that have already used its technology include NASA, Tesla, iZettle, General Electric, Dell, BMW and Deutsche Bank.
"AI is a technology that everyone should benefit from," says co-founder and CEO Luka Crnkovic-Friis. "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.”
In this context, it's worth noting that Peltarion also kickstarted the Swedish AI council last year, in order to establish "a continuous dialogue between Industry, Academia, Swedish Government and EU".