AI is just about the hottest tech sector at the moment, so it's no surprise to see an AI-focused startup raising a tidy sum of money. Cambridge-based Prowler.io has closed a £10 million (US$13 million) Series A round as it looks to develop its decision-making technology and release its first commercial product.
Prowler.io raised a seed fund of £1.5 million ($1.9 million) in October 2016, bringing the total amount of money raised by the fledgling to £11.5 million ($15 million).
Prowler.io has been developing a decision-based AI platform that learns from experience, reportedly the world's first platform of this type. While the startup is yet to launch a commercial product, the technology is autonomous and adaptive, using reinforcement learning, a method where the AI is "rewarded" after doing the correct thing, such as sorting objects or recognizing images. This should translate well to a product marketed to businesses, but is also attractive to investors, as it means Prowler.io could enter into many different markets with its technology.
The Prowler.io co-founders. From left to right: Dr. Dongho Kim (CTO), Vishal Chatrath (CEO), Aleksi Tukiainen (machine learning engineer).
Prowler.io was founded by Vishal Chatrath (CEO), Dr. Dongho Kim (CTO) and Aleksi Tukiainen (machine learning engineer) in 2016 in order to focus on decision-making rather than perception, which is what the vast majority of AI research and development is currently focused on. While perception enables image recognition or speech-to-text services, for example, decision-making in AI has a much larger remit, giving it a lot more potential for the future.
It's not known when Prowler.io plans to release a commercial product, but with this significant investment round now complete, development on the company's tech can ramp up.
London topped the list of destinations for tech-based migrant workers within the EU in 2017, beating Berlin, Paris and Amsterdam – and it has more than 250,000 developers, almost 100,000 more than any other European city.