Edgify secures £5m seed funding led by Octopus Ventures to scale its edge training framework
The seed round was led by Octopus Ventures alongside Mangrove Capital Partners and a strategic semiconductor investor.
Edgify builds artificial intelligence training frameworks that operate locally on edge devices rather than in the cloud. Its technology allows connected hardware to process information securely and collaboratively across networks.
Edgify has secured £5m in seed funding to commercialise its federated learning framework. The round was led by Octopus Ventures, with participation from Mangrove Capital Partners and an undisclosed semiconductor giant.
The capital will be used to scale operations and deploy the company technology across sectors including retail, automotive, and healthcare. Edgify enables connected devices to train artificial intelligence models locally without transferring sensitive data to external cloud servers.
The business has already established a footprint in the retail sector through deployments in self-checkout systems. Meanwhile, the strategic semiconductor investor plans to embed the framework directly onto its chipsets.
From the founder
"Edgify allows companies, from any industry, to train complete deep learning and machine learning models, directly on their own edge devices. This mitigates the need for any data transfer to the Cloud and also grants them close to perfect accuracy every time, and without the need to retrain centrally."
Ofri Ben-Porat
CEO at Edgify
Investor perspective
"We have followed Ofri, Nadav and their ideation progress since 2017. When they decided to move away from consumer applications and focus their efforts on business use cases, the time was right for us to engage with them. We expect a surge in AI adoption across multiple industries with significant long-term potential for Edgify in medical and manufacturing, just to name a few. Edgify is already our second data tech investment in 2020 alone and we are excited to join forces with them for the years to come,"
Hans-Jürgen Schmitz
Partner, Mangrove Capital Partners
Use of funds
- 01Expand into international markets
Investors
Categories
About the company
Edgify
Edgify provides distributed artificial intelligence training frameworks that function directly on edge devices.