Armenian startup Activeloop raises $11 mln in funding

YEREVAN, March 28. /ARKA/. Armenian startup Activeloop has raised $11 million in Series A funding.  

"We announce $11 million in Series A funding from investors such as Streamlined Ventures, Y Combinator, Samsung Next, Alumni Ventures and Dispersion Capital," co-founder and CEO David Buniatian wrote on Facebook-e.

He noted, however, that this isn't just a milestone for the Activeloop team. 

"We are announcing the corporate readiness of the Deep Lake service created by Activeloop, validated by our work experience with several Fortune 500 companies and innovative organizations such as Bayer Radiology, Matterport and others. Deep Lake excels at serving sensitive industries with stringent security and privacy requirements, like Bayer Radiology, where Deep Lake has streamlined multimodal data management and enabled 'chat with x-rays' capabilities, demonstrating its potential for transformation," Buniatian pointed out.

‘Deep Lake is a database for artificial intelligence whose work demonstrates the potential to overcome the challenges of managing large, complex and unstructured datasets for AI, inspired by our neurobiology research at Princeton’.

"The current AI data landscape, filled with disparate, unstructured data, unnecessarily complex systems that need to be brought together, and a large gap between training and production, calls for a native AI data warehouse like Deep Lake. Our solution offers an embedded multimodal universal database for AI. It addresses the critical need for a unified and efficient approach to dealing with vast untapped pools of complex, unstructured data and bridges the gap between training and production of AI models," said an Activeloop executive.

Launched in 2018, Activeloop is an open API platform that allows you to create, store and work on large data sets for AI training, eliminating the need to download data to local storage. -0-

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15:12 03/28/2024