Cambridge Innovation Capital leads $10 million Series B funding in SWIM.AI
Funding will fuel growth in this US-based edge computing business to launch an R&D centre in Cambridge, UK and accelerate development to meet growing demand for SWIM EDX software
18 July 2018
Cambridge Innovation Capital plc (CIC), a Cambridge-based builder of technology and healthcare companies, has led a $10 million Series B funding round in SWIM.AI, an edge intelligence software firm. Arm made a strategic investment alongside CIC as part of this funding round, which was also supported by existing shareholders.
SWIM.AI provides edge intelligence software, which combines local data processing with analytics and machine learning to deliver real-time business insights. The new funding will be used by SWIM.AI to launch a Cambridge-based AI R&D centre, capitalising on the expertise available in the Cambridge cluster, to accelerate product development, and expand sales and marketing into new verticals and geographies.
Edge computing is an emerging technology for processing data on sensors and control devices in a network closest to where that data is generated. Processing data at the edge, where it is captured, rather than transmitting that data to the cloud, reduces latency and bandwidth, and reduces cloud storage and computing costs.
Andrew Williamson of CIC commented, “SWIM.AI has created an industry leading solution that will change the way manufacturers, service providers, enterprises, cities, IoT vendors and others consume and utilise data at the edge. The SWIM team is helping customers overcome edge data processing challenges and efficiently build edge processing applications. We are delighted to support Rusty, Chris and the team at SWIM.AI.”
In April, SWIM.AI announced the general availability of its edge software solution SWIM EDX™, which enables customers to analyse high volumes of streaming edge data and deliver real-time insights that can easily be shared and visualised. SWIM EDX greatly reduces bandwidth, storage and cloud processing costs for large volumes of edge data. In addition, a developer software development kit (or SDK) makes it simple to create new real-time edge applications
SWIM.AI already has a number of customers who are using the EDX software to deliver edge intelligence to manufacturing, smart city, IoT, logistics and many other verticals.
“SWIM’s ability to analyse data and apply machine learning at the edge unlocks new IoT use cases by unleashing data that was previously too difficult, slow or expensive to send to the cloud for analysis.” said Damon Civin, Principal Data Scientist at Arm. “Their solution complements the Arm Mbed IoT Device Management Platform and our mission of enabling organisations to seamlessly obtain and derive meaning from their IoT data.”
Rusty Cumpston, co-founder and CEO of SWIM.AI, added, “Demand for the EDX software is rapidly increasing, driven by our software’s unique ability to analyse and reduce data, share new insights instantly peer-to-peer locally at the ‘edge’ on existing equipment. Efficiently processing edge data and enabling insights to be easily created and delivered with the lowest latency are critical needs for any organisation. We are excited to expand SWIM’s operations in Cambridge, and look forward to partnering with our new investors to shape the future of real-time analytics at the edge.”
Chris Sachs, co-founder and chief architect of SWIM.AI commented, “SWIM EDX is lightweight software that can be added to existing edge devices, creating a powerful compute fabric for real-time data analysis, reduction, learning on any edge.”
Ends
For more information please contact:
| Cambridge Innovation Capital Andrew Williamson, Investment Director Louise Rich, Head of Investor Relations and Communications | +44 (0)1223 764875 |
| Consilium Strategic Communications (City, financial PR) Mary-Jane Elliott Suki Virji Lindsey Neville | +44 (0)20 3709 5700 CIC@consilium-comms.com |
| Holdsworth Associates (local and trade PR) Rachel Holdsworth | +44 (0)1954 202789 Rachel@holdsworth-associates.co.uk |
About Cambridge Innovation Capital plc
CIC combines a unique relationship with the University of Cambridge with deep financial and industry links to support rapidly growing intellectual property rich companies in the Cambridge Cluster. The company is committed to building leading businesses from brilliant technologies, with the benefit of some of the most influential figures in the sector and a patient capital structure.
For more information please visit www.cicplc.co.uk or follow us on Twitter at @CambsInnovation
About SWIM.AI
SWIM.AI delivers powerful business and operational insights for customers with its SWIM EDX 'Edge Intelligence' software. SWIM.AI enables businesses to reduce, analyze, learn and predict from ‘gray’ edge data on the fly, on existing edge devices. SWIM EDX combines edge computing, machine learning and self-training ‘digital twins’, all running locally on existing edge devices working in a mesh/fabric architecture. SWIM.AI provides solutions for OEMs, service providers, enterprises, cities and IoT vendors. Founded in 2015, SWIM.AI is headquartered in Silicon Valley and led by a team of experienced serial entrepreneurs to usher in the next generation of intelligent edge applications.
SWIM EDX is generally available, with license pricing based on devices or data streams. To learn more, please visit www.swim.ai or email info@swim.ai.