Tim Draper And Haiyin Capital Lead $1.2-Million Of New Investment In Neurala
New Infusion of Funds Intended To Expand Reach Of AI and Deep Learning Software Into Consumer and Global Markets
Boston (PRUnderground) June 2nd, 2016
Neurala, Inc., a creator of artificial intelligence, deep learning software for robots, drones, self-driving cars, toys, consumer electronics, and smart devices (ioT), today announced that it has completed a $1.2-million round of financing lead by the fund run by well-known venture capitalist Tim Draper, Draper Associates Investments, LLC, and by Haiyin Capital, a Beijing-based venture capital firm. This second round of financing brings the total external investment in Neurala to $2 million.
Haiyin Capital is a new investor in Neurala. The firm actively invests worldwide in technology teams whose innovations are, in their opinion, poised for global impact. In addition to their financial investment in Neurala, Haiyin will provide access to its network of OEM and technology companies in China. Haiyin has invested in several other U.S. technology companies, including Massachusetts based companies 1336 Technologies, Soft Robotics, Terrafugia and WiTricity, as well as in other U.S robotic companies such as REX Bionics and Hanson Robotics.
“Most of the world-wide growth in consumer electronics and drones is coming from the Chinese market. The new investments and the Haiyin Capital connections will open up these markets for us and give Neurala the opportunity to achieve significant market reach,” said Massimiliano Versace, Neurala’s CEO.
Neurala’s software can make consumer products aware of their environment and more responsive to users. Neurala’s drone software provides an Artificial Intelligence autopilot capable of object identification and classification, object tracking, obstacle avoidance, and navigation.
“Neurala’s deep learning, AI technology will be uniquely important to the global markets for companies that want to make their products more autonomous, engaging and useful. We see a tremendous opportunity for them as a global player,” Haiyin Capital partner Xin Ma said.
Neurala holds the patent for the use of brain-based computational models, often called Artificial Neural Networks (ANN), or Deep Learning, running on graphic processing units (GPUs), which were originally designed for computer games and 3D graphics. The invention is seen as an important foundation for real-time artificial intelligence and is the basis for many deep learning technologies used today. (U.S. Patents 8,648,867 and 9,189,828)