Teraki GmbH, a Berlin-based company that is a global leader in the fields of automotive, AI, and IoT, has secured $11 million in Series A funding. It is hoped that this funding will help the company address the problems of exploding data demand in tightly constrained electronics components, such as those found embedded in modern automotive systems.
This financing brings the total capital invested in the company to date to $16.3 million.
More Efficient Applications and Algorithms for Automotive and IoT
The German company’s breakthrough AI and edge data processing software help make applications and algorithms operate up to 10x more efficiently in automobiles and IoT devices while simultaneously preserving the data quality and accuracy required for training purposes and running machine learning models. In short, Teraki’s solutions enable edge devices to do far more without increasing hardware resource requirements.
Led by Horizons Ventures, the latest funding round saw investors such as a leading Japanese technology company, Bright Success Capital, and Castor Ventures join existing investors Paladin Capital Group and Germany’s innogy Ventures.
The $11 million investment will be used by Teraki to accelerate its current focus on the automotive electronics market as well as to expand into sectors that are facing a similar rise in data demands in tightly constrained computing and communications products, such as robotics, drones, and IoT devices.
Teraki company logo. Image Credit: Teraki.
Research Spurred by Increasing IoT Demands
With Gartner forecasting that a whopping 20.4 billion connected devices will be deployed throughout 2020, there is ample room for increased efficiencies in the market.
However, IoT devices, particularly consumer ones, are typically small and are constrained by data storage, battery life, CPU performance, and communications bandwidth. These are similar to the challenges faced in the automotive industry. Since Teraki’s software can let these devices do 10x more and communicate 10x more efficiently, the motivation behind the company’s investors is clear.
Daniel Richart, CEO and co-founder of Teraki, said, “We will use these funds to propel Teraki into new areas outside of automotive with significant recurring revenues as clients start large scale deployments of our technology,”
Funds raised will also be used to grow the company’s current team, expand into the U.S. and Asia, and accelerate the company’s product roadmap. The company has recently opened offices in both Seoul and Tokyo.
Gibb Witham, Senior Vice President at Paladin Capital, said, "As early believers in Teraki, we are excited by the exceptional team of world-class AI talent that they’ve brought together and strong initial traction towards this huge market opportunity. We are excited to welcome a global syndicate of strategic investors in this next phase of growth for the company.”
Teraki will present its Intelligent Signal Processing technology at CES 2020.