Latent AI Secures Backing After 10x AI Model Compression Claim

Latent AI Secures $19 Million in Series A Funding

Approximately one year after competing in TechCrunch’s Battlefield, Latent AI, a Menlo Park, California-based startup established three years ago, has successfully closed a $19 million Series A funding round. The round was jointly led by Future Ventures and Blackhorn Ventures, with additional investment from Booz Allen, Lockheed Martin, 40 North Ventures, and Autotech Ventures.

To date, the company’s total funding reaches $22.5 million.

Potential Applications and Market Demand

Steve Jurvetson, a seasoned investor and co-founder of Future Ventures, highlights potential applications such as localized face-detection algorithms within security systems or appliances, and instantly responsive voice interfaces similar to Siri, all functioning without requiring network connectivity.

The demand for the technology Latent AI is pioneering is demonstrably increasing.

Government Interest and Strategic Partnerships

During a recent interview, co-founder and CEO Jags Kandasamy indicated that the U.S. government is already utilizing their technology. This is partially attributable to the involvement of strategic investors like Booz Allen.

A recent press release from Booz Allen emphasized that the “ability to collect, analyze and quickly act on data” is fundamental to the U.S. national defense strategy.

Lockheed Martin's Focus on AI

Lockheed Martin is actively seeking AI solutions to enhance the U.S. military’s situational awareness across various domains – land, sea, air, space, cyber, and the electromagnetic spectrum. This focus naturally aligns with Latent AI’s capabilities.

Industrial Applications

Kandasamy also revealed that an unnamed steel manufacturer is currently employing Latent AI’s technology within augmented reality goggles, resembling Google Glass.

Competitive Landscape

The proliferation of data-collecting devices and the desire for actionable data processing without cloud reliance have spurred numerous companies and projects with similar objectives to Latent AI.

These include open-source tools like TensorFlow, hardware providers such as Xilinx, and competing startups like OctoML and Deeplite.

Latent AI's Differentiation

Kandasamy asserts that existing solutions are lacking in certain areas. He points out that TensorFlow offers only community support for production deployment.

He also notes that hardware manufacturers prioritize their own hardware and lack vertical integration, while competitors typically focus on either compression or compilation, but not both.

Company Origins and Growth

Following the sale of his previous startup to Analog Devices, Kandasamy joined SRI International in 2018 as an entrepreneur-in-residence.

He was impressed by the work of Sek Chai, the research institution’s technical director specializing in low-power, high-performance computing, computer vision, and machine learning.

Kandasamy and Chai subsequently co-founded Latent AI to refine and develop this technology.

Future Prospects

With new funding secured and a growing customer base utilizing a subscription-based access model for its tools, Latent AI is focused on accelerating its development and gaining a competitive edge.

The company currently employs 15 people.

Investor Confidence

Jurvetson expresses strong confidence in Latent AI’s potential, drawing on his decade-long experience as an advisory board member at SRI International.

He states that Latent AI is the sole technology he has invested in after observing numerous innovations emerge from the organization.