SAN JOSE — Edge Impulse has reeled in $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.
“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 launching 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.