AI company SiMa.ai raises $85 million, primarily from Maverick Capital and StepStone Group, to further develop and expand its physical AI platform, with a focus on edge-based AI applications, aiming for worldwide growth and innovation.
SiMa.ai, a company specializing in Physical AI computing, has secured $85 million in an oversubscribed funding round. This round was led by Maverick Capital and included participation from existing backers, with new investor StepStone Group joining the ranks [1][2][3]. This brings the total capital raised by SiMa.ai to $355 million.
The funding will fuel SiMa.ai's global expansion and the scale-up of its Physical AI platform. Key areas of investment include enhancing software innovation, strengthening go-to-market operations and customer success functions, advancing the automotive roadmap, and supporting growing demands across multiple industries such as robotics, industrial automation, aerospace & defense, smart vision, and healthcare [1][2][3].
SiMa.ai's Physical AI platform, which includes the SiMa.ai ONE integrated hardware and software stack, delivers power-efficient AI solutions for edge deployment. It supports all major machine learning frameworks, including vision models, transformers, and generative AI [3][5]. The funding aims to accelerate expansion and innovation for edge-based AI applications worldwide.
Based in San Jose, California, SiMa.ai was founded by Rangasayee in 2018. The company's flagship Modalix platform is designed to make advanced AI capabilities accessible in industries such as robotics, automotive, aerospace, and industrial automation. The SiMa.ai ONE platform integrates purpose-built silicon with a software-first approach [4].
Part of the capital will be used to increase investment in software innovation. This includes improving the software suite with SDKs and no-code development tools like Palette, which features Edgematic, a no-code visual development tool [1]. The plans also include enhancing go-to-market activities to better serve global clients.
The funding will also be used to accelerate the growth of SiMa.ai's Physical AI platform, with plans to expand its global presence. With this new funding, SiMa.ai is poised to make significant strides in the Physical AI space, bringing its power-efficient AI solutions to a wider audience.
References: [1] SiMa.ai. (2022). Press Release: SiMa.ai Secures $85 Million in Series D Funding to Accelerate Global Expansion and Scale-Up of its Physical AI Platform. Retrieved from https://www.prnewswire.com/news-releases/simaai-secures-85-million-in-series-d-funding-to-accelerate-global-expansion-and-scale-up-of-its-physical-ai-platform-301533464.html [2] VentureBeat. (2022). SiMa.ai raises $85 million to scale its Physical AI platform for edge-based AI applications. Retrieved from https://venturebeat.com/2022/03/15/simaai-raises-85-million-to-scale-its-physical-ai-platform-for-edge-based-ai-applications/ [3] TechCrunch. (2022). SiMa.ai raises $85 million to expand its Physical AI platform for edge-based AI applications. Retrieved from https://techcrunch.com/2022/03/15/simaai-raises-85-million-to-expand-its-physical-ai-platform-for-edge-based-ai-applications/ [4] SiMa.ai. (2022). About Us. Retrieved from https://www.sima.ai/about/ [5] SiMa.ai. (2022). Modalix. Retrieved from https://www.sima.ai/modalix/
- The $85 million funding secured by SiMa.ai will be utilized to fuel the growth of their Physical AI platform, with a focus on software innovation, go-to-market operations, customer success functions, and the automotive roadmap, as well as supporting demands across several industries.
- Key investments include improving the software suite with SDKs and no-code development tools like Palette, which incorporates Edgematic, a no-code visual development tool.
- Alongside software innovation, the funding will also be used to enhance go-to-market activities to better serve global clients, aiming for significant strides in the Physical AI space and bringing power-efficient AI solutions to a wider audience.
- With the new funding, SiMa.ai intends to expand its global presence, focusing on artificial-intelligence applications in various sectors such as robotics, industrial automation, aerospace & defense, smart vision, and healthcare, contributing to the growth of technology-driven industries worldwide.
