Nota AI: Pioneering On-Device AI Innovation with a $19.9 Million Series C Funding Boost
June 19, 2024, 3:36 am
Nota AI, a trailblazing South Korean startup specializing in AI optimization and lightweighting technology, has recently secured a significant $19.9 million in its Series C funding round. This latest injection of capital brings the total investment raised by the company since its inception to an impressive $42.6 million, solidifying Nota AI's position as a leading innovator in the realm of on-device AI technology.
The Series C funding round was led by prominent investors STIC Ventures and LB Investment, with additional support from STIC Ventures, Korea Development Bank, and Mirae Asset Securities. Existing investors such as Stonebridge Ventures, LB Investment, InterVest, and DS Investment Partners also showed their continued confidence in Nota AI by contributing additional funds. Furthermore, a key AI semiconductor corporate venture capital (CVC) entity participated as a strategic investor, highlighting the industry's recognition of Nota AI's potential.
Founded in 2015, Nota AI has carved out a niche for itself in the competitive AI landscape by specializing in edge and on-device generative AI technology. The company's early success was marked by initial investments from Naver D2SF, which paved the way for rapid expansion both domestically and internationally. Nota AI's customer base has grown steadily, thanks to continuous investments from Stonebridge Ventures and LB Investment.
With the fresh infusion of funding, Nota AI is gearing up to bolster its team by recruiting top AI optimization talent and strengthening collaborations with global AI semiconductor companies. The company is already engaged in significant contracts to provide generative AI optimization technology to leading players in the AI semiconductor industry, positioning itself as a key player in the evolving AI landscape.
Looking ahead, Nota AI has ambitious plans to extend its high-performance generative AI model optimization technology to various industries, including robotics and mobility, with the aim of enabling broader applications of generative AI in everyday life. Additionally, the company is focused on enhancing its AI optimization technology collaborations with strategic investors targeting AI semiconductors, further solidifying its position as an industry leader.
In a strategic move towards future growth and expansion, Nota AI intends to file for an initial public offering (IPO) early next year, with Mirae Asset Securities leading the underwriting efforts. This move underscores the company's commitment to establishing a stable presence in the market and furthering its mission to become a global leader in on-device AI technology.
CEO Myungsu Chae expressed optimism about Nota AI's future prospects, stating, "Our sales projections for the first half of this year already surpass the total sales of 2023, and we anticipate a remarkable 300% increase in sales for 2024 compared to the previous year. With this latest funding round, we are poised to pursue strategic collaborations with partners and expand our overseas operations to solidify our position as a global leader in on-device AI."
Jae Won Do, Director at STIC Ventures, who spearheaded the Series C funding round, commented on Nota AI's potential, saying, "Nota AI is positioned as a company that can democratize advanced and sophisticated AI models across a wide range of devices. We believe that, alongside industry giants like NVIDIA and ARM, Nota AI will play a pivotal role in driving the adoption of on-device AI technology."
Nota AI's innovative platform, 'NetsPresso,' is designed to optimize AI models for seamless device compatibility, enabling these models to run directly on the device itself. The company has established official partnerships with global tech heavyweights such as NVIDIA, ARM, Intel, STMicroelectronics, and Renesas, fostering close collaborations that drive innovation in the AI space.
As Nota AI continues to push the boundaries of on-device AI technology and expand its reach across diverse industries, the company's future looks promising. With a strong foundation of funding, strategic partnerships, and a clear vision for growth, Nota AI is well-positioned to lead the charge in shaping the future of AI innovation on a global scale.
The Series C funding round was led by prominent investors STIC Ventures and LB Investment, with additional support from STIC Ventures, Korea Development Bank, and Mirae Asset Securities. Existing investors such as Stonebridge Ventures, LB Investment, InterVest, and DS Investment Partners also showed their continued confidence in Nota AI by contributing additional funds. Furthermore, a key AI semiconductor corporate venture capital (CVC) entity participated as a strategic investor, highlighting the industry's recognition of Nota AI's potential.
Founded in 2015, Nota AI has carved out a niche for itself in the competitive AI landscape by specializing in edge and on-device generative AI technology. The company's early success was marked by initial investments from Naver D2SF, which paved the way for rapid expansion both domestically and internationally. Nota AI's customer base has grown steadily, thanks to continuous investments from Stonebridge Ventures and LB Investment.
With the fresh infusion of funding, Nota AI is gearing up to bolster its team by recruiting top AI optimization talent and strengthening collaborations with global AI semiconductor companies. The company is already engaged in significant contracts to provide generative AI optimization technology to leading players in the AI semiconductor industry, positioning itself as a key player in the evolving AI landscape.
Looking ahead, Nota AI has ambitious plans to extend its high-performance generative AI model optimization technology to various industries, including robotics and mobility, with the aim of enabling broader applications of generative AI in everyday life. Additionally, the company is focused on enhancing its AI optimization technology collaborations with strategic investors targeting AI semiconductors, further solidifying its position as an industry leader.
In a strategic move towards future growth and expansion, Nota AI intends to file for an initial public offering (IPO) early next year, with Mirae Asset Securities leading the underwriting efforts. This move underscores the company's commitment to establishing a stable presence in the market and furthering its mission to become a global leader in on-device AI technology.
CEO Myungsu Chae expressed optimism about Nota AI's future prospects, stating, "Our sales projections for the first half of this year already surpass the total sales of 2023, and we anticipate a remarkable 300% increase in sales for 2024 compared to the previous year. With this latest funding round, we are poised to pursue strategic collaborations with partners and expand our overseas operations to solidify our position as a global leader in on-device AI."
Jae Won Do, Director at STIC Ventures, who spearheaded the Series C funding round, commented on Nota AI's potential, saying, "Nota AI is positioned as a company that can democratize advanced and sophisticated AI models across a wide range of devices. We believe that, alongside industry giants like NVIDIA and ARM, Nota AI will play a pivotal role in driving the adoption of on-device AI technology."
Nota AI's innovative platform, 'NetsPresso,' is designed to optimize AI models for seamless device compatibility, enabling these models to run directly on the device itself. The company has established official partnerships with global tech heavyweights such as NVIDIA, ARM, Intel, STMicroelectronics, and Renesas, fostering close collaborations that drive innovation in the AI space.
As Nota AI continues to push the boundaries of on-device AI technology and expand its reach across diverse industries, the company's future looks promising. With a strong foundation of funding, strategic partnerships, and a clear vision for growth, Nota AI is well-positioned to lead the charge in shaping the future of AI innovation on a global scale.