SRI Ventures Announces Successful Funding Round for Latent AI
Tuesday, October 22, 2019
SRI Ventures' portfolio company Latent AI raises $3.5 million in seed funding
MENLO PARK, Calif., Oct. 14, 2019 /PRNewswire/ -- SRI Ventures, a division of SRI International, today announced the successful funding round for one of their portfolio companies: Latent AI, a company that takes the hard work out of AI processing on the edge raised $3.5 million led by Future Ventures.
"This successful funding round is a testament to the work we're doing at SRI Ventures in building a strong portfolio, and point to the impact deep technology has on the world's future," says Manish Kothari, President at SRI International. "SRI Ventures enables companies like Latent AI to accelerate their mission using breakthrough technologies, while connecting them with industry-leading venture capitalists to create groundbreaking ventures that change the world, and this is evidence of that."
SRI Ventures is an early-stage investor, which includes the investment team of Raghu Madabushi and Jennifer Wu, and has a reputation for developing and capitalizing on breakthrough - or deep - technologies. Adhering to a relatable, disciplined approach to value creation, SRI Ventures has launched over 60 ventures with a total market capitalization exceeding $20 billion.
"Unlike other venture capital firms and technology incubators, we not only invest capital, but also facilitate the transfer of deep technologies to help bring concepts to life," explains Kothari. "Deep technology is the lifeblood of what we do. Working with entrepreneurs and startups in the most complex areas, we leverage SRI's expertise in developing next-generation technologies that can create new markets for startups and accelerate their growth."
Partnering with venture capital firms, entrepreneurs, and startups, SRI Ventures continues to emulate its stellar track record in moving visionary ideas from concept to commercial reality. Siri, the first and globally-recognized virtual personal assistant, arose from decades of SRI research in artificial intelligence, and was spun-off by SRI Ventures in 2007 before being acquired by Apple in 2010.((1))
"SRI Ventures has a strong history of developing some of the most recognizable technologies in the world, and as more of our deep tech startups begin to grow and move out into the world, we are looking to partner with visionary founders and investors," says Kothari.
For more information on SRI International and SRI Ventures, or if you are a venture capitalist, entrepreneur or startup looking to partner with SRI Ventures, please visit http://ventures.sri.com or get in touch with our investment team.
About SRI International
SRI International is an independent, nonprofit research center that works with clients to take the most advanced R&D from the laboratory to the marketplace. SRI is headquartered at Menlo Park, California, USA. Serving government and industry, they collaborate across technical and scientific disciplines to generate real innovation and create high value for clients. SRI invents solutions that solve the most challenging problems today and look ahead to the needs of the future. For more than 70 years, SRI has led the discovery and design of ground-breaking products, technologies, and industries - from Siri and online banking to medical ultrasound, cancer treatments, and much more.
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((1)) https://www.sri.com/sites/default/timeline/timeline.php?timeline=computing-digital#!&innovation=siri
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SOURCE SRI International
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