Literal Labs, a logic-based AI algorithm firm led by former Arm VP Noel Hurley has raised £4.6m in a pre-seed funding.
The Newcastle-based startup is growing logic-based AI fashions that goal to be sooner and extra vitality environment friendly than trendy neural networks.
The corporate was spun out of Newcastle College by AI researchers Dr Alex Yakovlev and Dr Rishad Shafik. Hurley, who spent over 20 years at Cambridge semiconductor firm Arm was introduced on as chief government in 2023.
Literal Labs has since doubled its headcount with strategic hires together with former AI deep studying platform lead for AstraZeneca Leon Fedden, at the moment serving as chief expertise officer.
The brand new funding will likely be used to broaden the engineering workforce with the aim of bringing its first industrial product to market later this yr.
“We’re at a pivotal second for AI with adoption persevering with to speed up alongside sustainability and value considerations,” stated Hurley.
“Our logic-based AI gives a brand new resolution for those who need and wish high-performing AI that’s sooner, extra vitality environment friendly and extra explainable than what’s at the moment accessible.”
The funding spherical was led by Northern Gritstone, the tech-focused investor that targets corporations within the north of England. The funding was co-led by Mercuri with further assist from Certain Valley Ventures, Cambridge Future Tech SPV, and several other angel buyers.
“Literal Labs is Northern Gritstone’s first funding linked to Newcastle College, famend for its technology-related analysis,” stated Northern Gritstone chief government Duncan Johnson.
“We’re delighted to assist Noel Hurley and the Literal Labs workforce at a time when innovation can really profit from larger effectivity in AI.”
Learn extra: Northern Gritstone raises £50m backed by Aviva and UK pension funds
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