The investment, which was co-led by Cycle Capital and BDC Capital, also included existing investors Fusion Fund, Two Small Fish Ventures and Real Ventures. The company is maintaining the round open as it engages in active discussions with strategic investors.
This investment will enable Blumind to accelerate the development and commercialisation of its analogue AI technology - AMPL – which dramatically reduces power consumption and latency for always-on AI applications.
Blumind has taken an innovative approach to AI processing by shifting from traditional digital methods, enabling more efficient and performant AI. This technology is seen as being crucial for applications where power efficiency and real-time processing are paramount.
"Blumind’s patented approach using analogue AI will not only revolutionise edge computing but also help solve the growing energy demand imposed by the adoption of AI. We are enthusiastic to support the team, as we believe their highly differentiated technology will play a critical role in the future of AI,” said Andrée-Lise Méthot, Founder and Managing Partner at Cycle Capital.
"This funding is a major milestone for Blumind and a testament to the transformative potential of our analogue AI technology," said Niraj Mathur, CEO and Co-Founder of Blumind. "This investment will allow Blumind to rapidly scale our operations and bring our solutions to market, empowering a new era of intelligent devices."
Blumind plans to use the Series A funding to:
- Expand its engineering and development teams to commercialise its first-generation AI processor for processing real time sensor data.
- Accelerate the design and production of its next-generation analogue AI chips for vision and large language model inferencing.
- Support existing tier 1 lead customers and establish strategic partnerships with key industry players.
