Thursday 14 February 2019 10:19 am

Peltarion, the AI startup used by Nasa, Ocado and Tesla, raises $20m

Swedish artificial intelligence (AI) startup Peltarion is heading across the Atlantic after closing a $20m (£15.5m) funding round.

The series A funding was led by Euclidean Capital, which has also backed the likes of popular DNA ancestry startup 23 And Me. Existing investors FAM, which is owned by Swedish investor family the Wallenbergs, and EQT Ventures also took part.

Peltarion aims to make AI accessible to all through its operational AI platform, providing technology to companies so they can produce real-world AI processes without the need for highly-skilled engineering talent.

Read more: Peltarion opens up shop in London

Major names such as Nasa, Tesla and General Electric are listed among Peltarion's roster of more than 300 clients, as well as British firms Kier Group, Lloyds Bank and Ocado. 

"AI is a technology that everyone should benefit from. Our mission is to make AI technology useable and affordable for all and this investment will help us to grow and scale in order to do more good in the world," said Luka Crnkovic-Friis, chief executive and co-founder of Peltarion.

Crnkovic-Friis told City A.M. the firm would use the funding to expand its London office, which manages sales and marketing as well as some product development. Peltarion is also targeting a US launch by the end of 2019, settling on New York as its city of choice.

Read more: UK fintech investment hits all-time high of $3.3bn

Today's funding is only Peltarion's second round since it was founded in 2004, having been largely bootstrapped before seeking investment three years ago. The firm has now raised $34m in total.

The move comes after the startup founded Sweden's first AI council last year, establishing a dialogue between government, the EU and industry to build technical partnership agreements that can serve the wider public.