Swim.ai paddles over $10m CIC-led series B

US-based enterprise data analytics software developer Swim.ai has obtained $10m in a series B round led by University of Cambridge’s affiliate patient capital fund, Cambridge Innovation Capital.

The round was backed by semiconductor designer Arm, a subsidiary of telecommunications and internet group SoftBank, together with existing investors Silver Creek Ventures and Harris Barton Asset Management.

Founded in 2015, Swim.ai has launched a data analytics software platform called Swim EDX that exploits edge computing, machine learning and self-training capabilities to offer clients analysis, insights and forecasts in industries such as manufacturing and smart cities.

Edge computing systems work in proximity to local devices and sensor networks to reduce the bandwidth, latency and cost drain associated with transferring data to cloud-based servers.

The business was co-founded by chief architect Chris Sachs, who previously helmed development at connected LED developer Sensity Systems until it was acquired by telecoms provider Verizon Communications in 2016.

Swim.ai will put the series B capital towards the opening of a Cambridge-based hub for artificial intelligence research and development, to tap expertise from around Cambridge as it looks to drive development and enter new industries and regions with sales and marketing.

The company has now raised a total of $18m in funding, according to TechCrunch, however details for prior rounds could not be ascertained.

Rusty Cumpston, co-founder and chief executive of Swim.ai, said: “Demand for the EDX software is rapidly increasing, driven by our software’s unique ability to analyse and reduce data, and share new insights instantly peer-to-peer, locally at the ‘edge’ on existing equipment.

“Efficiently processing edge data and enabling insights to be easily created and delivered with the lowest latency are critical needs for any organisation.”