Apr
25
2018
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Allegro.AI nabs $11M for ‘deep learning as a service’, for businesses to build computer vision products

Artificial intelligence and the application of it across nearly every aspect of our lives is shaping up to be one of the major step changes of our modern society. Today, a startup that wants to help other companies capitalise on AI’s advances is announcing funding and emerging from stealth mode.

Allegro.AI, which has built a deep learning platform that companies can use to build and train computer-vision-based technologies — from self-driving car systems through to security, medical and any other services that require a system to read and parse visual data — is today announcing that it has raised $11 million in funding, as it prepares for a full-scale launch of its commercial services later this year after running pilots and working with early users in a closed beta.

The round may not be huge by today’s startup standards, but the presence of strategic investors speaks to the interest that the startup has sparked and the gap in the market for what it is offering. It includes MizMaa Ventures — a Chinese fund that is focused on investing in Israeli startups, along with participation from Robert Bosch Venture Capital GmbH (RBVC), Samsung Catalyst Fund and Israeli fund Dynamic Loop Capital. Other investors (the $11 million actually covers more than one round) are not being disclosed.

Nir Bar-Lev, the CEO and cofounder (Moses Guttmann, another cofounder, is the company’s CTO; and the third cofounder, Gil Westrich, is the VP of R&D), started Allegro.AI first as Seematics in 2016 after he left Google, where he had worked in various senior roles for over 10 years. It was partly that experience that led him to the idea that with the rise of AI, there would be an opportunity for companies that could build a platform to help other less AI-savvy companies build AI-based products.

“We’re addressing a gap in the industry,” he said in an interview. Although there are a number of services, for example Rekognition from Amazon’s AWS, which allow a developer to ping a database by way of an API to provide analytics and some identification of a video or image, these are relatively basic and couldn’t be used to build and “teach” full-scale navigation systems, for example.

“An ecosystem doesn’t exist for anything deep-learning based.” Every company that wants to build something would have to invest 80-90 percent of their total R&D resources on infrastructure, before getting to the many other apsects of building a product, he said, which might also include the hardware and applications themselves. “We’re providing this so that the companies don’t need to build it.”

Instead, the research scientists that will buy in the Allegro.AI platform — it’s not intended for non-technical users (not now at least) — can concentrate on overseeing projects and considering strategic applications and other aspects of the projects. He says that currently, its direct target customers are tech companies and others that rely heavily on tech, “but are not the Googles and Amazons of the world.”

Indeed, companies like Google, AWS, Microsoft, Apple and Facebook have all made major inroads into AI, and in one way or another each has a strong interest in enterprise services and may already be hosting a lot of data in their clouds. But Bar-Lev believes that companies ultimately will be wary to work with them on large-scale AI projects:

“A lot of the data that’s already on their cloud is data from before the AI revolution, before companies realized that the asset today is data,” he said. “If it’s there, it’s there and a lot of it is transactional and relational data.

“But what’s not there is all the signal-based data, all of the data coming from computer vision. That is not on these clouds. We haven’t spoken to a single automotive who is sharing that with these cloud providers. They are not even sharing it with their OEMs. I’ve worked at Google, and I know how companies are afraid of them. These companies are terrified of tech companies like Amazon and so on eating them up, so if they can now stop and control their assets they will do that.”

Customers have the option of working with Allegro either as a cloud or on-premise product, or a combination of the two, and this brings up the third reason that Allegro believes it has a strong opportunity. The quantity of data that is collected for image-based neural networks is massive, and in some regards it’s not practical to rely on cloud systems to process that. Allegro’s emphasis is on building computing at the edge to work with the data more efficiently, which is one of the reasons investors were also interested.

“AI and machine learning will transform the way we interact with all the devices in our lives, by enabling them to process what they’re seeing in real time,” said David Goldschmidt, VP and MD at Samsung Catalyst Fund, in a statement. “By advancing deep learning at the edge, Allegro.AI will help companies in a diverse range of fields—from robotics to mobility—develop devices that are more intelligent, robust, and responsive to their environment. We’re particularly excited about this investment because, like Samsung, Allegro.AI is committed not just to developing this foundational technology, but also to building the open, collaborative ecosystem that is necessary to bring it to consumers in a meaningful way.”

Allegro.AI is not the first company with hopes of providing AI and deep learning as a service to the enterprise world: Element.AI out of Canada is another startup that is being built on the premise that most companies know they will need to consider how to use AI in their businesses, but lack the in-house expertise or budget (or both) to do that. Until the wider field matures and AI know-how becomes something anyone can buy off-the-shelf, it’s going to present an interesting opportunity for the likes of Allegro and others to step in.

 

 

 

Mar
06
2018
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Intelligo is using AI to make background checks relevant again

To realize that the background check industry needs an overhaul look no further than the backlog of 700,000 background checks faced by the federal agency that handles all background checks for sensitive government positions. This backlog has essentially rendered background checks useless, as many agencies are able to give security clearances on a temporary basis before a background check is even started.

Intelligo is an Israeli company trying to make background checks relevant again by using AI and machine learning to not only speed up and automate the process, but also run more thorough checks.

Launching out of beta today, the company has raised $6.8M to date – a seed round of $1.1M and a Series A of $5.7M. They boast investors like Eileen Murray (Co-CEO of Bridgewater Associates) and advisors like the former director of the NSA Michael McConnell and former Managing Director of the Israel Ministry of Defense Pinhas Buchris.

Currently most serious background checks are done manually. This means that when an analyst creating a report comes across a new data source they need to decide if it’s worth taking the time to parse it and add it to the report. Consequently, many important sources like social media pages and news sites are left out of reports. It also means that background checks can take up to a week or longer, which is frustrating for the company and applicant.

Alternatively, Intelligo’s solution is primarily driven by an automated machine learning platform that can indiscriminately look at all thousands of data sources without concern for how much manual labor it will take. Reports are also provided in a user-friendly interactive dashboard, which is a stark contrast to the dozens of typed pages that an old-school background check will be.

Automating the process also dramatically costs down on cost – Intelligo says their prices are half of the average market price, which is allowing small and midsize businesses to now get the benefit of a high-level background check that typically would only be used by a larger corporation.

The startup also offers an ongoing monitoring product designed for the investment world. Funds often want the ability to monitor their portfolio companies and management teams even after the initial due diligence process, and by using an automated platform Intelligo can let let funds know of management issues long before a human would find the source of the issue.

Mar
06
2018
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Intelligo is using AI to make background checks relevant again

 To realize that the background check industry needs an overhaul look no further than the backlog of 700,000 background checks faced by the federal agency that handles all background checks for sensitive government positions. This backlog has essentially rendered background checks useless, as many agencies are able to give security clearances on a temporary basis before a background check is… Read More

Apr
05
2017
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83North closes $250M fourth fund focused on European, Israeli startups

 European VC firm 83North (formerly Greylock IL), which since 2008 has focused on backing startups in Europe and Israel, has closed its fourth fund — taking $250M in a raise that it says was both oversubscribed and its largest to date, and bringing its total capital under management to $800M. Read More

Mar
27
2017
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Airobotics scores authorization to fly autonomous drones in Israel

 A startup based in Petah Tikva, Israel, Airobotics, has scored the right to fly drones autonomously for business purposes in Israel. The Civil Aviation Authority of Israel (CAAI) was the first in the world to authorize commercial, fully unmanned drone flights in their nation’s airspace. Read More

Jan
24
2017
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Secret Double Octopus nabs $6M for a stronger, easier alternative to regular 2FA

8093376393_713fb93477_k Israel is home to around 450 active startups in the field of cybersecurity, according to a recent report in Reuters. Now, the one with perhaps the most distinctive name of them all is announcing some funding for a novel approach to authentication. Secret Double Octopus — which borrows a concept from the world of nuclear launch codes to build extra-secure, but simple, keyless… Read More

Nov
30
2016
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Genesis Partners spins out $50 million fund, F2 Capital, to back early-stage startups in Israel

Tel Aviv Skyline Three members of the senior investing team at Genesis Partners, a major Israeli venture firm, are stepping out with a new, early-stage fund of their own called F2 Capital. For the unfamiliar, Genesis Partners’ portfolio companies have been acquired by the likes of Apple, IBM, Microsoft and Sapiens over the past decade, and have gone public on the Nasdaq exchange in the U.S. as well.… Read More

Jan
21
2016
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Enterprise Mobile Software Company Nubo Raises $7M Series A

shutterstock mobile Nubo, whose software enables employees to access company files on their own mobile devices, has raised $7 million in Series A funding. The round was led by Magma Venture Partners and Motorola Solutions Venture Capital. Read More

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