Strengthens world-class board and secures additional funding to accelerate company scaling and disruption of the embedded edge market
SAN JOSE, Calif. — (BUSINESS WIRE) — May 25, 2022 — SiMa.ai™ today announced that Lip-Bu Tan has joined its Board of Directors, effective immediately. Lip-Bu Tan is Founder and Chairman of Walden International (“WI”), a leading venture capital firm managing cumulative capital commitments of greater than $4 billion; and Founding Managing Partner of Celesta Capital and Walden Catalyst Ventures, a venture capital firm focused on investing in core technology companies. He formerly served as Chief Executive Officer of Cadence Design Systems, Inc., and now serves as Executive Chairman and has been a member of the Cadence Board of Directors since 2004. He currently serves on the Boards of Schneider Electric SE (SU: FP) and SoftBank Group (Japan: 9984.T).
Mr. Tan has four decades of experience investing in and building innovative technology companies. He focuses on semiconductor/components, cloud/edge infrastructure, data management and security, and AI/machine learning.
“Machine learning has had a profound impact on the cloud and mobile markets over the past decade and the next battleground is the multi-trillion-dollar embedded edge market. SiMa.ai has created a software-centric, purpose-built MLSoC™ platform that exclusively targets this large market opportunity,” said Lip-Bu Tan, Chairman of Walden International. “SiMa.ai’s unique architecture, market understanding and world-class team has put them in a leadership position. I’m excited to join them as an investor and a board member and I look forward to partnering with SiMa.ai to drive success.”
“It is truly an honor to welcome Lip-Bu Tan as the newest member of SiMa.ai’s Board of Directors,” said Moshe Gavrielov, SiMa.ai Chairman of the Board. “His history of investing in and creating deep tech brands that span semiconductors, alternative energy and digital media is unmatched. Lip-Bu has a proven track record of helping companies reach their full potential and I am confident he will elevate SiMa.ai as we work to drive industry leadership and market success.”
The company also announced it has closed an additional investment led by Fidelity Management & Research Company that brings SiMa.ai’s total funding raised to date to $150 million. The round includes participation from all previous investors as well as a new investment from Lip-Bu Tan. SiMa.ai’s latest round of funding will be used to accelerate scaling of the engineering and business teams globally.
About SiMa.ai
SiMa.ai is a machine learning company delivering the industry’s first software-centric, purpose-built MLSoC platform. With push-button performance, we enable effortless ML deployment and scaling at the embedded edge by allowing customers to address any computer vision problem while achieving 10x better performance at the lowest power. Initially focused on computer vision applications, SiMa.ai is led by technologists and business veterans backed by a set of top investors committed to helping customers bring ML on their platforms.
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Contact:
Nina Korfias for SiMa.ai
Sima@famapr.com