Malted AI secures £6m in seed funding led by Hoxton Ventures to scale its language model technology.
Hoxton Ventures led the seed round for the Scottish artificial intelligence firm.
Malted AI builds compact language models that provide cost-effective and domain-specific solutions for enterprise clients. The firm emerged from academic research in Scotland to deliver high-performance artificial intelligence applications.
Malted AI has secured £6m in a seed funding round led by Hoxton Ventures, with participation from Creator Fund and angel investors. The fresh capital will be directed towards research initiatives, product development, and team expansion.
The Scottish firm focuses on distilling large language models into smaller, task-specific variants designed to reduce error rates and operational expenses for businesses. Its technology is currently undergoing trials with various legal and financial institutions.
The enterprise was established following the founders success in the Amazon Alexa Prize competition. The current funding builds on an earlier £1m pre-seed round raised in August 2023.
From the founder
"There is no better place in Europe to build an AI business"
Iain Mackie
CEO and co-founder at Malted AI
Use of funds
- 01Fund research and development
- 02Continue product development
- 03Grow the team
