Wave Computing, a US-based artificial intelligence technology developer backed by consumer electronics producer Samsung, obtained $86m in a series E funding round yesterday led by hedge fund Oakmont.
Unnamed, existing investors also participated in the round, which brought the company’s total funding to more than $200m.
Founded in 2010, Wave Computing provides data-based systems and solutions which enable businesses and data scientists to embed artificial intelligence-based applications from anywhere including home automation systems, IoT devices and autonomous vehicles.
The cash will go towards continued international growth and help Wave Computing scale its structure in line with its strategic and commercial plans for 2019 and longer-term.
In November 2017, the company raised $56.7m in a series D round that included Samsung’s corporate venturing unit, Samsung Ventures, and venture capital firms Tallwood and Southern Cross.
Derek Meyer, CEO of Wave Computing, said: “With the support of the Wave board and our industry advisors, we are in an even stronger position to lead the company through its next phase of growth and evolution.
“Our recent achievements underscore Wave’s momentum, and we look forward to sharing more details of our progress in the coming months.”