Israel-based artificial intelligence (AI) engine developer Allegro.AI has emerged from stealth with $11m of funding raised from investors including industrial technology producer Robert Bosch and consumer electronics manufacturer Samsung.
The funding came from a seed round led by Bosch’s corporate venturing unit, Robert Bosch Venture Capital (RBVC), and a series A featuring RBVC, Samsung’s Catalyst Fund, Mizmaa Ventures, Dynamic Loop Capital and JumpGate Ventures.
Founded in 2016, Allegro is preparing to launch an AI development and management engine that helps developers streamline the process of creating AI-based technologies such as autonomous vehicles and drones.
The company specialises in applying deep learning algorithms for computer vision purposes and providing data science automation tools. It is currently conducting closed beta testing of the services ahead of a full commercial release scheduled later this year.
Ingo Ramesohl, managing director of RBVC, said: “One key challenge in deep learning-based solutions available in the market today, is that learning stops when products – for example security cameras or autonomous vehicles – are deployed to the field.
“Providing deep learning solutions for computer vision that function in real-world scenarios is an industry-wide challenge, and of strategic importance to Bosch.”