This amount includes the initial Series A investment of $16 million that the company announced in March this year, augmented by an additional $5 million from new investors who joined the round. The Series A extension was led by investors Innavest and InvestNL, who join existing Series A investors including EIC Fund, MIG Capital, Matterwave Ventures and Delft Enterprises.
Commenting Sumeet Kumar, CEO of Innatera said, "Innatera’s latest offering is radical in terms of its architecture and its efficiency, yet it only scratches the surface of what neuromorphic computing can do for edge applications. This Series A funding will accelerate our journey towards mass production and enable us to meet the burgeoning demand for energy-efficient computing solutions."
Innatera's flagship product, the Spiking Neural Processor T1, unveiled in January 2024, is described by the company as a ‘paradigm shift’ in energy-efficient AI for sensor-edge applications.
The device incorporates the company’s proprietary event-driven computing engine alongside a conventional CNN accelerator and RISC-V CPU, the T1 is a comprehensive platform for sensor agnostic ultra-low power AI in battery powered devices such as wearables, smart home, and consumer electronics applications.
With multiple customer engagements on-going, the company said that traction for neuromorphic technologies has been growing steadily, as vendors start to develop true edge AI applications independent of the cloud. While power-constrained applications have been centre-stage in most engagements, privacy and latency concerns are also driving more customers down the neuromorphic path.
The Spiking Neural Processor is slated to enter production later in 2024, with high-volume deliveries starting in Q2 of 2025.