Google, Nvidia invest in AI startup CentML
- CentML says it raised $27 million from the likes of Google, Nvidia, and others.
- The AI startup plans on using new funds for research and product development.
- CentML is behind a software solution that helps AI models work more efficiently.
CentML – a Toronto-based AI startup has received new funding from Nvidia Corp (NASDAQ: NVDA) and Alphabet Inc’s (NASDAQ: GOOGL) Google.
Who else participated in the seed round?
Copy link to sectionOn Wednesday, the artificial intelligence company said it secured a total of $27 million from names that also include Radical Ventures, Deloitte Ventures, and Thomson Reuters Ventures.
CentML is behind a software that helps AI models work more efficiently. Gennady Pekhimenko – its Chief Executive said in a press release today:
One of the essential challenges of AI today is achieving models that are fast and cost effective to be viable at scale. Our tech can speed up inference and training by as much as 8x.
The news arrives only a day after Google said there’s a lot more to come on the AI front after reporting its financial results for the third quarter.
What will CentML do with the new funds?
Copy link to sectionCEO Pekhimenko also confirmed today that the machine learning company will use new funds for research and product development.
They will help expand its workforce particularly the engineering roles as well, he added. According to the press release:
CentML optimised the Llama 2 model to work 3x faster on the previous generation of GPUs, reducing the cost by 60%.
CentML has now raised a total of $30.5 million, as per TechCrunch – speaking to which, the Chief Executive also said today that his company’s solution can even lower expenses by as much as 80% and that too without compromising on speed or accuracy.
