A new announcement from DeepLearni.ng proves that Toronto continues to build up its reputation as a powerhouse for AI innovation.
In a blog post written by the four co-founders, Toronto-based DeepLearni.ng announced that they have closed a $9 million Series A funding round from mutuals managed by Fidelity Investments Canada. DeepLearni.ng was only founded in late 2016 and view this new investment as a critical step in a multi-year process of becoming the number one company to transform businesses through the use of AI.
The funding round comes at a time when the company is also planning on scaling development of Frontiers, their machine learning platform designed to rapidly deploy AI in enterprises. Frontiers thrives on companies with large amounts of data and can even be used as a tool give a team perspective on how AI can be leveraged to solve business problems. On top of this, the funding will naturally go towards expanding DeepLearni.ng’s footprint internationally in financial industries as well as other strategic initiatives.
DeepLearni.ng currently has 23 employees and will begin to grow its team even more as AI talent naturally converges in Toronto, the home to many budding AI startups and organizations.
“This is an opportunity for all of us, a once-in-a-lifetime moment to build a truly world-class organization — one that in time that will rival the world’s best tech companies, right here in Toronto. It’s pretty heady stuff,” wrote the DeepLearni.ng team in a post.
The team maintains a very happy outlook in the blog post, equating the investment to nine million tons of rocket fuel that allows them all to blast into the stratosphere. The DeepLearni.ng heads warn to be cognizant of the opportunity and respect the responsibilities that lay ahead.
“Sometimes the reward for hard work is more hard work. As time goes on we’ll graduate to a higher class of problems,” the post finishes. “We should all look forward to this.”