Neural Magic which offers software to facilitate comprehensive learning, announced a $30 million series A funding round. There is a growing demand for edge AI as more companies deploy this software for industrial applications. It helps in monitoring, maintenance, telehealth, and factory automation. This can lead the market worth to $1.83 billion by 2026, as per Matt Marshall. magic ai series neamarshallventurebeat.
Introducing the use of the latest software
Customer-accelerating chips have been made for Nvidia and Google as the software utility is increasing. It is mainly to keep up with work speed, efficiency, and the cost to introduce the software approach, like the one introduced by Neural Magic.
Many companies prefer using CPU chips instead of the latest launch. Companies like Target, having racks of hardware, may choose to optimize operations with software such as Neural Magic. It is a better investment option than using accelerator chips such as Google’s Tensor Processing Unit or TPU, Neural Magic, as has been commented by CEO Brain Stevens in an interview with VentureBeat.
The CEO further added that they are trying to create a better world for the developers to use edge AI and bring business flexibility.
It brings the company’s total fundraising to $50 million, led by investor NEA with other parties like Amdocs, Comcast Ventures, Pillar VC, Andreessen Horowitz and Ridgeline Ventures.
Scope for Industry Expansion
It’s been two years since the company’s launch, while others using edge AI software have also come into being, like OctoML, DeepCube, NeuReality and Deci. So, Neural Magic is the company to offer free open-source software access, which matches with the software development engine to optimize performance, as Stevens said.
The company’s open-source software came in February with rapidly growing installation per week. The traction of NEA’s Greg Papadopolous leads to the latest investment and joins with Neural Magic.