Japan-based deep learning system developer LeapMind raised ¥3.5bn ($32.2m) in series C funding on Tuesday from investors including insurer Aioi Nissay Dowa, carmaker Toyota Motor and diversified conglomerate Mitsui.
Financial services provider SBI Group also participated in the round, through venture capital subsidiary SBI Investment, and it has now received more than $45m in total.
Founded in 2012 as AddQuality, LeapMind has developed a deep learning software stack and associated hardware that can run on small computing environments with limited power, enabling edge terminals, robotics and consumer electronics products to deploy its technology.
The company will use the series C money for talent acquisition and marketing, as well as developing intellectual property surrounding its Blueoil platform. It intends to design synthesised circuits for quantised deep learning in order to achieve low power consumption and improved performance.
LeapMind secured more than $10m in series B funding in late 2017 from investors including Intel Capital, Itochu Technology Ventures, GMO Venture Partners and NTT Data, subsidiaries of semiconductor producer Intel, trading group Itochu, internet company GMO and telecommunications firm NTT.
The series B round also featured Visionnaire Ventures, Archetype Ventures and Innovative Venture Fund Investment, which is co-run by NEC Capital Solutions, the leasing services subsidiary of IT services firm NEC Corporation, and financial services firm Sumitomo Mitsui Banking Corporation.
The company received $3.3m in a 2016 series A round backed by Itochu Technology Ventures, Visionnaire Ventures and Archetype Ventures. It was incubated in telecommunications firm KDDI’s Mugen Labo initiative in 2015 and secured an undisclosed sum from Archetype Ventures later the same year.
