Today Edge Impulse is announcing $34 million in Series B funding led by Coatue, tripling its 2022 market valuation and growth forecast. Coatue joins existing investors, Canaan Partners, Acrew Capital, Fika Ventures, Momenta Ventures, and Knollwood Investment Advisory, to cap off an incredible year. “We are excited to have David Cahn, a Partner at Coatue, join our board and help us drive forward our vision of edge ML for developers building enterprise-grade solutions,” said Zach Shelby, Edge Impulse Co-founder and CEO.
“With more data being collected every year, compute is shifting towards the edge, creating a big market opportunity for machine learning,” said David Cahn, a Partner at Coatue. “This is why we are excited to back Edge Impulse, which we believe is emerging as the leading platform for developers to rapidly build and deploy machine learning solutions. We are proud to partner with Zach, Jan and the rest of the team on their journey to being the leader in this category.”
Since our launch in 2019, nearly 30,000 developers from thousands of enterprises have created over 50,000 custom ML projects using Edge Impulse, building smarter industrial, logistics, consumer and health solutions with customers including Oura, Polycom, Advantech and NASA. Last year alone, the developer base has increased by 4x, with annual recurring revenue growing by 3x. According to Gartner®, “By 2027, machine learning in the form of deep learning will be included in over 65% of edge use cases, up from less than 10% in 2021.” Series B funding allows Edge Impulse to capture the rising demand for edge ML solutions, as we double down on our vision and continue to expand our ecosystem. We have already partnered with over 20 leading hardware vendors from MCUs to GPUs, recently announcing NVIDIA, Texas Instruments, Syntiant and Synaptics support.
“Edge Impulse is not just a tool for ML, it’s a new way of looking at software engineering. It enables a new approach to extract immediate value from your domain-specific edge data. Edge Impulse is what this market has been missing for the last five years.” - Kaushal Vora, Director of Strategic Partnerships & Global Ecosystem in IoT and Infrastructure Business Unit, Renesas
Our greatest accomplishment has been bringing together the most talented human beings through our community and team, with an incredible culture of empowerment, user experience and tech for good. With Series B we will be rapidly growing the team to support millions of developers and thousands of enterprises for a smarter future. To join our team, check out a career opportunity at Edge Impulse!
- Zach, Jan and the Edge Impulse team
Gartner, “Predicts 2022: The Distributed Enterprise Drives Computing to the Edge,” Thomas Bittman, Bob Gill, Tim Zimmerman, Ted Friedman, Neil MacDonald, Karen Brown, 20 October 2021. GARTNER is a registered trademark and service mark of Gartner, Inc. and/or its affiliates in the U.S. and internationally and is used herein with permission. All rights reserved.