EdgeCortix closes $20m in additional funding round
Thu 5 Oct 2023EdgeCortix Founder and CEO Dr. Sakyasingha Dasgupta holds a board equipped with the company's proprietary SAKURA-I AI Processor
EdgeCortix, a Japan-based edge artificial intelligence (AI) fabless semiconductor development and design company, has announced the closing of a $20 million funding round.
The funding was led by Japan’s SBI Investment, as well as Global Hands-On VC.
“Over the last three years, GHOVC has provided both financial and consultative resources in support of the greater Japanese startup ecosystem,” said Shri Dodani, a Founder and Managing Partner of Global Hands-On VC.
EdgeCortix also received an investment from Renesas Electronics Corporation to extend its strategic collaboration with EdgeCortix on AI/ML development.
Existing investors Cycle Group and Monozukuri Ventures also joined the round.
“The ability to bring AI acceleration capabilities into existing, complex heterogeneous computing systems at low cost, with low latency and industry leading energy efficiency is our mission and the fundamental value proposition of EdgeCortix’s products and technology,” said Dr. Sakyasingha Dasgupta, Founder and CEO of EdgeCortix.
EdgeCortix will employ the new funds to bring to market the next generation of SAKURA hardware products, while expanding its business by growing its global sales and marketing capabilities.
The company also plans to bolster its engineering capacity in Japan and open a new development centre in India.
“The semiconductor sector is clearly a core industry, which is so important that it has often been called ‘the rice of industry’. Together with EdgeCortix we will pioneer the future of edge AI,” said the SBI Investment Department Management Team: Yusuke Matsumoto, Shohei Yamada, and Koshiro Ashizawa.
EdgeCortix will also selectively hire talent in key technology roles, with an eye to releasing new generations of its AI focused semiconductor products.
“EdgeCortix solutions are innovative and highly scalable. We look to continue to expand our business relationship across our collective edge AI-focused portfolio of products,” said Mohammed Dogar, Vice President of Global Business Development and Ecosystem at Renesas Electronics Corporation.
The edge AI inference market, EdgeCortix’s key focus area, is growing rapidly across the globe.
By 2025, more than 75% of enterprise-managed data will be generated or processed outside the typical data centre, with the total addressable market (TAM) growing to reach $84 billion.
The Asia Pacific region in particular, fueled by significant demands for energy-efficient AI processing across commercial, defense and aerospace applications, is projected to see the highest compound annual growth rate in the world, at an anticipated 40.8% from 2022 to 2027.
In conjunction with the close of this funding round, senior leaders from both Renesas and Global Hands-On VC will be joining the EdgeCortix Board of Directors.
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