Petuum, the US-based creator of an artificial intelligence and machine learning (AI/ML) development platform, closed a $15m series A round backed by internet company Tencent Holdings on Wednesday.
Venture capital firm Advantech Capital led the round, while VC firm Northern Light Venture Capital and VC fund Oriza Ventures also participated.
Founded earlier this year as a Carnegie Mellon University spinoff, Petuum is building an AI/ML platform that can process and integrate data from varied sources, such as social media, electronic health records or sensor logs from internet-of-things devices.
The product allows enterprise software teams to deploy AI/ML across a wide range of applications, including image and video understanding, language processing and anomaly detection in transaction data.
The funding will enable Petuum to hire up to 50 people in the next six months and it expects to send its first products to market early next year.
One of the company’s first products will be a program designed for the healthcare industry that will analyse electronic medical records to evaluate the risk of disease and predict patients’ readmission rates.