Wallenbergs Invest $13 Million in AI Software Maker Peltarion

(Bloomberg) -- Peltarion AB, a maker of a software that lets companies use artificial intelligence to improve their business, has raised 11 million euros ($13 million) from FAM, the holding company owned by the three largest Wallenberg foundations.

The new investment brings Peltarion’s total financing to 14 million euros, the Swedish software developer said in an emailed statement on Tuesday. Earlier funding was provided by EQT Ventures, by Sweden’s Wallenberg family’s publicly traded holding company Investor AB.

“There is a lot of hype around AI, and often people expect too much in the short term,” Peltarion’s founder and Chief Executive Officer Luka Crnkovic-Friis said in an interview in Stockholm. “But over the longer term, it will affect many industries and the situation today is that the technology is controlled by a handful of large tech companies. We don’t think that’s good and we want to spread it to as many people as possible.”

From self-driving cars to robot-powered factories, artificial intelligence is reshaping significant pieces of the global economy. Peltarion makes a graphical cloud platform that develops, manages and deploys AI systems using public or proprietary data sets. The company’s business idea is to market its platform to companies that lack the resources or expertise to create their own applications, but still want to improve their operations with AI.

Peltarion was founded 14 years ago in Stockholm. Companies and organizations including NASA, Deutsche Bank AG and Tesla Inc. use its software.

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