AI platform Peltarion secures $20m in Series A funding

Money will be used to expand London office

Swedish artificial intelligence platform Peltarion has secured $20 million (£16 million) in Series A funding.

Euclidean Capital, the family office of US hedge fund billionaire James Simons, led the Series A funding, supported by existing investors EQT Ventures – the VC arm of private equity Swedish giant EQT partners – and FAM, which is owned by Swedish investor family the Wallenbergs.

This latest round brings Peltarion’s total funding to $34 million to date.

Peltarion, whose mission is to make AI technology useable and affordable for governments, non-profits and businesses, will use the funding to expand its London office, which handles sales and marketing as well as doing some product development.

It is also planning to expand into the US by the end of 2019, opening an office in New York.

Lloyds Banking Group, Oxford University and Dell are among the 300 plus companies which already use Peltarion’s AI technology. Other clients include NASA, Tesla and payments system iZettle.

Luka Crnkovic-Friis, CEO and co-founder, said:AI is a technology that everyone should benefit from. Our mission is to make AI technology usable and affordable for all, and this investment will help us to grow and scale in order to do more good in the world.”

Peltarion’s AI technology is already being used to help detect skin cancer and tumours, improve agricultural yields and makes better use of energy.

Based in London, Stockholm and Amsterdam, EQT Ventures has committed just over €566 million in VC funding to date. It is part of EQT, the investments firm which has raised $50 billion across 28 funds.