PRESS RELEASE: SWIM.AI Secures $10M in Series B Funding
by Swim.ai Team, on Jul 18, 2018 4:04:49 AM
Funding led by Cambridge Innovation Capital with a strategic investment from Arm will fuel SWIM.AI’s growth to address new markets, launch an AI R&D center in Cambridge, UK and accelerate development to meet growing demand for SWIM EDX software
SAN JOSE, July 18th, 2018 – SWIM.AI, an edge intelligence software firm, today announced $10 million in Series B funding led by Cambridge Innovation Capital plc (CIC), the Cambridge-based builder of technology and healthcare companies, with a strategic investment from Arm, and further participation from existing investors Silver Creek Ventures and Harris Barton Asset Management.
SWIM.AI delivers edge intelligence software, which combines local data processing/analytics, edge computing and machine learning to efficiently deliver real-time business insights from edge data on edge devices. The new funding will be used to launch a Cambridge UK based AI R&D center, to accelerate product development and expand sales and marketing into new verticals and geographies. Andrew Williamson, Investment Director at CIC, and Damon Civin, Principal Data Scientist at Arm, will be joining the SWIM.AI Board of Directors.
“SWIM.AI has created an industry leading solution that will effectively change the way manufacturers, service providers, enterprises, cities, IoT vendors and others consume and utilize data at the edge,” said Andrew Williamson of CIC. “The SWIM team is helping customers overcome edge data processing challenges and efficiently build edge data processing applications. We are delighted to support Rusty, Chris and the team at SWIM.AI.”
In April 2018, SWIM.AI announced the general availability of its edge software product SWIM EDX™, which enables customers to analyze high volumes of streaming edge data and deliver real-time insights that can easily be shared and visualized. SWIM EDX greatly reduces bandwidth, storage and cloud processing costs for large volumes of edge data. In addition, a developer SDK makes it simple to create new real-time edge applications.
“SWIM’s ability to analyze data and apply machine learning at the edge unlocks new IoT use cases by unleashing data that was previously too difficult, slow or expensive to send to the cloud for analysis,” said Damon Civin, Principal Data Scientist at Arm. “Their solution complements the Arm Mbed IoT Device Management Platform and our mission of enabling organizations to seamlessly obtain and derive meaning from their IoT data.”
SWIM has a number of customers today who are using the EDX software to deliver edge intelligence to manufacturing, smart city, IoT, logistics, and many other verticals.
“Demand for the EDX software is rapidly increasing, driven by our software’s unique ability to analyze and reduce data, and share new insights instantly peer-to-peer, locally at the ‘edge’ on existing equipment. Efficiently processing edge data and enabling insights to be easily created and delivered with the lowest latency are critical needs for any organization,” said Rusty Cumpston, co-founder and CEO of SWIM.AI. “We are thrilled to partner with our new and continuing investors who share our vision and look forward to shaping the future of real-time analytics at the edge.”
“SWIM EDX is lightweight software that can be added to existing edge devices, creating a powerful compute fabric for real-time data analysis, reduction, learning on any edge,” said Chris Sachs, co-founder and chief architect of SWIM.AI.
Product Information and Availability
SWIM EDX is generally available, with license pricing based on devices or data streams. To learn more, please visit http://www.swim.ai or email email@example.com.
SWIM.AI delivers powerful business and operational insights for customers with its SWIM EDX 'Edge Intelligence' software. SWIM.AI enables businesses to reduce, analyze, learn and predict from ‘gray’ edge data on the fly, on existing edge devices. SWIM EDX combines edge computing, machine learning and self-training ‘digital twins’, all running locally on existing edge devices working in a mesh/fabric architecture. SWIM.AI provides solutions for OEMs, service providers, enterprises, cities, IoT vendors and developers. Founded in 2015, SWIM.AI is based in Silicon Valley and led by a team of experienced serial entrepreneurs to usher in the next generation of intelligent edge applications. For additional information, please visit www.swim.ai.
About Cambridge Innovation Capital plc
CIC combines a unique relationship with the University of Cambridge with deep financial and industry links to support rapidly growing intellectual property rich companies in the Cambridge Cluster. The company is committed to building leading businesses from brilliant technologies, with the benefit of some of the most influential figures in the sector and a patient capital structure.
For more information visit www.cicplc.co.uk or follow us on Twitter at @CambsInnovation
Heather Fitzsimmons, 650-279-4360