Boulder, CO, Sept. 11, 2019 (GLOBE NEWSWIRE) -- The Innosphere Fund, Colorado’s leading seed-stage venture capital fund, has announced their investment in Boulder-based smart hardware and software startup company, Boulder AI. Boulder AI will use the investment from the Innosphere Fund to accelerate the product development plan to serve existing and new customers, fund current and anticipated key management hires, and complete IP work.
Boulder AI is a privacy-focused artificial intelligence (AI) camera company founded in 2017. Boulder AI’s deep learning camera systems, software, and AI algorithms provide solutions for smart city applications, business intelligence, logistics and retail analytics. The system provides real time analysis and reporting for object monitoring, advanced traffic control, and retail analytics. Customers have deployed Boulder AI’s cameras and technology to collect information such as pedestrian counting, traffic counting, and lane monitoring. The desired analytics are then delivered straight to the customer via the Boulder AI cloud application.
“Multiple customers described Boulder AI’s product as uniquely capable of addressing critical emerging needs,” said Mark Newhouse, Innosphere Fund General Partner. “Boulder AI has a differentiated product, an experienced team, and a rapidly growing opportunity to provide AI hardware and software to a variety of markets.”
Boulder AI’s technology allows all of the data processing to be done inside the camera which does not require the costly combination of broadband connections, servers, and on-site data storage. “Boulder AI is radically less expensive and easier to maintain compared to current non-edge options,” said Bryan Schmode, CEO of Boulder AI.
Edge computing means data processing power is at the edge of a network instead of in a cloud or a central data warehouse. “Our ability to process video and create insight within the camera cuts out an estimated 50% of the cost of current systems. But we don’t just build cameras, we bring specific applications to life with expert consulting and the best AI software solutions on the market in order for our customers to make better decisions based on real-world data,” said Schmode.
Boulder AI has worked with local government organizations to monitor and implement solutions for roadways, venues, and worksites. Their smart cities solution is cloud-agnostic, which means customers are not limited by up- and down-times.
For more information on the Innosphere Fund and this investment, contact Joey Davis, Principal of the Innosphere Fund.
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About Innosphere:
Innosphere is Colorado’s leading science and technology incubator, accelerating the success of high-impact startup and scaleup companies. In addition to the incubation program, Innosphere has office and wet lab real estate, and a seed stage venture capital fund.
All incoming client companies of Innosphere’s upcoming Fall Cohort will be evaluated by the Innosphere Fund for a potential pre-seed investment of up to $150,000 which will be distributed at the beginning of the company’s incubator engagement.
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