Funding

Malted AI funding news – AI firm Malted AI Raises €6.9 Million in Seed Funding

May 16, 2024 | By Startup Rise EU

Malted AI, a Scottish company located in Edinburgh that assists businesses in creating AI models that are more focused, smaller, and perform better at a lower cost, has raised €6.9 million in early money.

SUMMARY

  • Malted AI, a Scottish company located in Edinburgh that assists businesses in creating AI models that are more focused, smaller, and perform better at a lower cost, has raised €6.9 million in early money.
  • Malted AI is a team of ten members now. The company was founded by a math champion, a former Meta researcher, and an ex-quant trader.

Malted AI, a Scottish company located in Edinburgh that assists businesses in creating AI models that are more focused, smaller, and perform better at a lower cost, has raised €6.9 million in early money.

Financial and legal organisations are already utilising the company's technology in its initial trials, and more rollouts are scheduled for the remainder of 2024. Malted AI plans to quadruple its team size and utilise the additional initial capital to finance research, product development, and hiring.

Iain Mackie, Malted AI’s CEO and co-founder said, “At Malted AI we see smaller as better when it comes to AI. A single, many-billion parameter foundation model is costly, too general and too slow – it’s not fit for purpose for the complex challenges enterprises face, We are building a world-leading distillation platform that solves the highest value enterprise problems. We do this by using cost-effective small language models (SLMs) that take the most useful parts of LLMs but with a performance exceeding its bigger ‘sibling’ at specific tasks that require domain knowledge. We envision enterprises using Malted AI to build small models to address singular challenges, effectively building a network of proprietary SLMs that are optimised for a single problem.”

With a proven track record of AI innovation, It is a team of ten members now. The company was founded by a math champion, a former Meta researcher, and an ex-quant trader.

Read also - AimHi Earth funding news – Climate and Sustainability Training Provider AimHi Earth secures £1Million in Funding

They oversaw a group of top PhDs, postdocs, and academics from Scottish universities as well as top LLM and applied AI expertise from Deepmind, Amazon, Google, and Bloomberg. Additionally, Jeff Dalton, a chancellor fellow at the School of Informatics in Edinburgh, serves as an external Chief Scientific Advisor for Malted AI.

RECOMMENDED FOR YOU

recomd
Funding
[Funding alert] Sweden-based Sigrid Therapeutics Secures $4M in Funding
Startup Rise EU
Nov 1, 2023
recomd
Netherland
Mollie transitions from EU to UK Payment Institution license
Startup Rise EU
Nov 3, 2023
recomd
Funding
[Funding alert] Reykjavík-based Quest Portal Secures €7.1M in Funding
Startup Rise EU
Oct 21, 2023

Bryan Gartner, Partner at Hoxton Ventures, added: “Malted AI has the capacity to be one of Europe’s most notable AI companies as they flip the thinking and approach to AI adoption within the enterprise. Iain, Carlos and Federico are some of the brightest AI minds emerging from the birthplace of European AI – Edinburgh – and have close ties to the University of Edinburgh and the University of Glasgow. We are thrilled to be supporting Malted AI as they commercialise their platform and deliver outsized results for businesses in the tiny package of small language models.”

About Malted AI

Malted AI, Reducing Minimal Language Models for Business Use. They distil enterprise-specific Small Language Models (SLMs) to obtain 10 - 100x cost reductions while maintaining pinpoint accuracy. It solves the most valuable challenges by fusing the domain expertise of businesses with their cutting-edge knowledge distillation technology.

Recommended Stories for You

story
Acquisition

Alicorn Venture Partners acquisition news – UK-based Glassbox to be Acquired by Alicorn Venture Partners

Startup Rise EU May 21, 2024

story
Funding

[Funding alert] Paris-based Vibe.co Secures $22.5Million in Series A Round Funding

Startup Rise EU Mar 2, 2024

story
Funding

[Funding alert] London-based Risk Ledger Secures £6.25M in Series A Round Funding

Startup Rise EU Nov 7, 2023

story
Acquisition

Freefik acqusition news – Design Platform Freepik Acquired Magnific

Startup Rise EU May 7, 2024

story
Recent Articles

[Funding alert] Barcelona-based Open Wealth Platform Flanks Secures €7.5 million Series A Round Funding

Startup Rise EU Oct 18, 2023

story
Funding

cylib funding news – Battery Recycling firm cylib Secures €55 Million in Series A Round Funding

Startup Rise EU May 15, 2024