Wave Computing, a Campbell, CA-based provider of a dataflow-based system and embedded solutions for the deep learning and Artificial Intelligence has now closed the funding round of Series E with $86 Million.
The round which bought the total funding raised to date to around $200 Million was led by the Oakmont Corporation with the collaboration from the existing investors. Post investment, the Greg Corona of the private investment firm Lakewood and Company will be going to join as the Board of Director for Wave Computing.
The company as of now plans to use the fund for the growth across the globe and evolution of its structure in support of its commercial scale and strategic out plans for the 2019 and more.
The startup which is led by the Derek Meyer, CEO and Dado Banatao, Chairman. Wave computing is advancing Artificial Intelligence and deep learning with its dataflow-based architecture, solutions, and system. The company vision is to “follow the data” and bring the deep learning to customers data wherever it may be from the data center to the edge of the cloud.
In the month of June 2018, the company revealed the acquisition of the MIPS Tech Inc., a global leader in the RISC Processor Intellectual Property and Licensable CPU cores, to start its strategy of offering the AI acceleration from the Datacenter to the Edge of Cloud by extending its product beyond the AI systems to also include the AI enabled embedded solutions.
The company provides its solutions to customers across the globe via a team of more than 200 people in Sri Lanka, US, and the Philippines.
“We continue to be humbled by the ongoing enthusiastic support from new and existing investors,” said Derek Meyer, Chief Executive Officer of Wave Computing. “With the support of the Wave Board and our industry advisors, we are in an even stronger position to lead the Company through its next phase of growth and evolution. Our recent achievements underscore Wave’s momentum, and we look forward to sharing more details of our progress in the coming months.”
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