Peltarion secures $13M in investment funding from FAM and EQT Ventures.

Sweden Investments 08 May 2018
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Peltarion, a Stockholm, Sweden-based company working on a technology based on deep learning artificial intelligence, announced raising €11M ($13.2M) in capital investment.

The backers include Swedish venture capital companies FAM and EQT Ventures and the money will be used to scale the company, as it aims to make AI technology usable and affordable for all.

Peltarion, founded in 2014 by Måns Erlandsson and Luka Crnkovic-Friis (CEO), developed a collaborative, graphical cloud platform for developing, managing and deploying deep learning systems at scale. The company claims to have worked with more than 300 customers, including NASA, Tesla, General Electric, Dell or BMW. According to the Swedish official data, the company is yet to record revenues, with losses of about SEK 3M ($350k).

Prior to this transaction, Peltarion added $3.5M in capital funding from EQT Ventures at the end of 2016.