First closing of AnotherBrain’s Series A takes total financing to 35 million € to deploy our breakthrough technology and take the leadership of the human-friendly third generation AI
AnotherBrain has raised 19 million € in the first closing of its Series A held in September 2019.
The company has developed a fundamentally different way of doing AI, Organic AITM, which is close to how human brain works, and goes beyond current mainstream AI based on Deep Learning. Delivered as a software, the technology will soon be accessible on an AI chip, as a frugal and efficient ASIC. Crucial milestone in the development of its AI has been reached, and the disruptive technology is now demonstrated thanks to successful proofs of concept realized with several Fortune 100 companies. Building on these accomplishments AnotherBrain is fast becoming a world-class AI, with deep European roots, including its respect for privacy and focus on human-friendly explainable AI, with a global ambition.
AnotherBrain’s objective is now to accelerate its development and business.
The round is led by well-known blue-chip corporate investors, some public, such as SEB Alliance and Robinson Technologies (the holding company behind systems integrator Astek), together with high-profile individual investors from industrial families (Mr. Laurent Dassault), and with the support of existing shareholders (including AI-dedicated global fund Alpha intelligence Capital; France’s digital investor Daphni; and international private equity investment manager Cathay Capital). The extension of the round is expected to close oversubscribed by mid-December.
AnotherBrain’s fundraising is among the Top 3 Series A of the past year in France, and the largest one for a company less than three years old(1). This Series A follows the company’s seed round of 11 million € in 2017, itself one of the largest seed rounds in the French market that year. Together with grants and subsidies, this takes AnotherBrain to total financing to date to 35 million €. “We have followed the progress of AnotherBrain since its inception. The technology is genuinely breakthrough and will deliver benefits which traditional AI (Machine Learning) cannot, such as explainability, independence from the cloud (making it more private and secure), and reduced energy consumption. First initial customer deployments have demonstrated AnotherBrain’s strong potential in particular in the field of Industry 4.0” commented Francois-Xavier Meyer, VP Investments SEB Alliance.
Jean-Luc Bernard, Founder and CEO of Astek, added: “AnotherBrain is the first AI company to come up with a really intelligent way of doing AI, not simply categorizing based on past examples, but truly analyzing the flow of data in real-time, just like a human brain does. A handful of companies have tried it in the last 10 years with little commercial results; AnotherBrain has done it. As a systems integrator Astek is well positioned to take this disruptive AI forward, first in the industry sector (where Astek has a strong position), but also more generally for all IOT applications”.
Bruno Maisonnier said: “When we started AnotherBrain, we decided to push forward the limits of what is possible thanks to our AI which goes beyond current AI. Our technology doesn’t rely on huge databases of previous examples, but instead analyses what it perceives and therefore can explain its decisions. Our ambition it to build a powerful and human-friendly AI, acceptable to companies (certification) and consumers (privacy). The first commercial solutions are currently tested by Fortune 100 companies, with general availability early 2020. Our technology has the power to make every sensor an intelligent sensor sending back interpretation of signals rather than the flow of raw data. This will allow the generalization of AnotherBrain’s approach, in particular helping cars achieve full autonomous driving (Level 5) by the middle of the next decade.”
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