EmbeDL completed a capital raise of SEK 7M from Stoaf, Butterfly Ventures and Chalmers Ventures.

EmbeDL, a Gothenburg, Sweden-based software company, announced the completion of a capital raise of SEK 7M ($740k).

The funding was backed by investors from Sweden, including Chalmers Ventures, Stoaf III SciTech AB, Butterfly Ventures and Circus Future. Almi Invest matched it with a SEK 2.5M equity contribution.

The investment will be used to take the company's product to market with initial focus on the automotive industry followed by IoT.

EmbeDL (EmbedlOpt Research and Technology AB), led by CEO Hans Salomonsson, was founded in 2018 as a spin-off from a collaborative research project on low energy computing, funded by the European Commission, where Machine Intelligence Sweden AB choose to spin-off of their research results into a new venture focused on helping companies in their journey of bringing prototype deep learning models to production. The company develops a software that optimizes AI and Deep Learning models to make them faster and more energy efficient without compromising accuracy and precision. The software also evaluates which hardware is best for the specific model.