Deeplite raises $7.5 million CAD seed round to optimize deep neural networks
Montréal-based Deeplite has raised $7.5 million CAD ($6 million USD) in seed funding as the startup looks to accelerate its software that optimizes deep neural networks.
Nick Romano, CEO and co-founder of Deeplite, told BetaKit the round consisted of two components: the first was a $2 million USD convertible note completed in July 2020, which included participation from Desjardins Capital, Somel Investments, and BDC Capital through its Bridge Financing Program.
Deeplite is collaborating with Yoshua Bengio on new ways to optimize AI-based neural networks.
The $4 million USD priced round, which closed at the end of March, was led by Boston-based venture capital firm PJC, with participation from Innospark Ventures, Differential Ventures, and Ajay Shah, who is the executive chairman of Smart Global Holdings. BDC Capital, Desjardins Capital, and Somel Investments also provided follow-on capital.