The cash, which Silo.AI says will be used to turn it into “the European flagship AI company”, comes from the Business Finland Growth Engine program and a number of unnamed angel investors.
Founded in 2017, Silo.AI currently boasts a team of 40 people building end-to-end customisable AI solutions and working as consultants within client teams.
“We are excited about the possibility to take our services operation and platform to the next level. We see the AI market as a service market, in which the largest share of value derives from tailoring solutions to client requirements. The funding will allow us to accelerate our expansion to the European market,” said Peter Sarlin, CEO and co-founder of Silo.AI.
Notably, the startup was instrumental in the formation of the Nordic AI Alliance, which aims to contribute to accelerating adoption of AI technology in businesses and organisations throughout the Nordic countries.