AISing announced on March 23 that it has raised a total of 700 million yen (around $6.29 million) in its Series B round of financing.
These funds were raised via third-party allotment of shares with the Dai-ichi Life Insurance Company and Mirai Creation Fund No. 2 (Manager: SPARX Group) as underwriters. A total of 700 million yen has been raised in the Series B Round of financing, including the funds raised in November 2019 with MSIVC2018V Investment Limited Liability Partnership (manager: Mitsui Sumitomo Insurance Venture Capital) as the underwriter. A total of 900 million yen (around $8.09 million) has been raised by the company hitherto, including 200 million yen (around $1.8 million) raised in the Series A Round of financing in 2017.
AISing's edge AI offers the proprietary AI algorithm series "AiiR (AI in Real-Time)" which allows devices utilizing it to engage in real-time autonomous learning and make predictions. Although AI information processing tends to be performed on the cloud, there is an increasing demand for edge AI to be implemented in devices in autonomous driving and other settings. AISing has entered a new phase where it is further enhancing its technical capabilities and organizational structure.
Following its financing conducted last year, AISing will be focusing on creating a technical system that offers a one-stop service which includes the development of algorithms and their installation on the systems of clients. This will be accomplished by investing in the research and development of AiiR technology and the establishment of the "Algorithm Development Group (ADG)," a professional development team for edge AI algorithms. The funds raised in this round of financing will be invested in initiatives aimed at improving the company's development structure which harnesses its strengths such as ADG, nurturing development talents, and commercializing new edge AI algorithms.
Proprietary edge AI Developer AISing raises 300 million yen