US-based computer processor developer Syntiant picked up $35m on Tuesday in a series C round co-led by subsidiaries of software producer Microsoft and semiconductor technology manufacturer Applied Materials.
M12 and Applied Ventures were joined in the round by Atlantic Bridge Capital, Alpha Edison and Miramar Digital Ventures.
Syntiant is creating processors that allow artificial intelligence (AI) and machine learning applications to run locally rather than in the cloud – an approach known as edge computing.
The company is focusing on voice assistants in battery-powered consumer devices such as smartphones, laptops, earbuds and speakers. Its neural decision processors are a fraction of the size of a penny and require about as much power as an AAA battery loses while idle.
The series C funding was disclosed at the same time as Syntiant revealed it has so far shipped more than 1 million units to clients.
Michael Stewart, an investment director at Applied Ventures, has joined Syntiant’s board in connection with the round, while David Lam, a general partner at Atlantic Bridge Capital, will take an observer seat.
Samir Kumar, managing director of M12, said: “Syntiant’s class-leading power performance is making an ambient fabric of neural network-powered intelligence at the tiny edge a reality.
“We are now seeing Syntiant deliver on its execution strategy, setting new benchmarks that are unprecedented for a young AI chip company with the volume of products already shipped, and new customers coming on board.”
M12 led the company’s $25m series B round in October 2018, with commitments from Applied Ventures, e-commerce firm and consumer device producer Amazon, chipmaker Intel, communications technology manufacturer Motorola Solutions and industrial product and appliance maker Robert Bosch.
The latter four took part through corporate venturing subsidiaries Amazon Alexa Fund, Intel Capital, Motorola Solutions Venture Capital and Robert Bosch Venture Capital. The round also included Seraph Group and Sunstone Venture Capital Fund.
Intel Capital had led a series A round of undisclosed size for Syntiant five months earlier, investing alongside Seraph Group, Danhua Capital and Embark Ventures. It had already received $5.1m from undisclosed backers in 2017, according to a securities filing.
Image courtesy of Syntiant Corp.
