- Malted AI, based in Edinburgh, has closed a £6 million seed investment round led by Hoxton Ventures.
- The funding brings the company’s total funds to £7 million, supporting its mission to develop cost-effective Small Language Models (SLMs).
- Malted AI’s technology transforms large models into SLMs, offering 10-100x cost savings for enterprises while maintaining precision.
- Initial pilots in financial and legal sectors have shown promising results, with further expansion planned for 2024.
- Founded by winners of the 2022 Amazon Alexa Prize, Malted AI boasts a diverse team with expertise from industry and academia.
- Bryan Gartner of Hoxton Ventures sees Malted AI as a key player in Europe’s AI landscape, poised for significant growth.
Main AI News:
Edinburgh, UK – Malted AI, a pioneering Scottish startup, announced a significant milestone today with the closure of a £6 million seed investment round. Spearheaded by Hoxton Ventures and supported by Creator Fund alongside notable angel investors, this infusion catapults the company’s total funds to £7 million.
Malted AI specializes in the transformation of large models into streamlined, cost-effective counterparts. Traditional Large Language Models (LLMs) often prove too generalized, resulting in prohibitively expensive enterprise solutions that lack the requisite precision and efficiency. Through cutting-edge technology, Malted AI empowers enterprises to leverage Small Language Models (SLMs), offering 10-100x cost savings while delivering unparalleled performance tailored to domain-specific challenges.
The company’s innovative approach has already garnered attention, particularly from financial and legal sectors, where initial pilots have showcased promising results. Looking ahead, Malted AI anticipates a comprehensive rollout of its technology throughout the remainder of 2024.
According to Iain Mackie, CEO and co-founder of Malted AI, “In the realm of AI, smaller reigns supreme. The era of cumbersome, overly generalized models is over. Our mission is to pioneer a distillation platform that unlocks maximum value for enterprises by harnessing the efficiency of SLMs.“
Mackie adds, “We envision a future where enterprises cultivate a bespoke network of SLMs, each meticulously crafted to address a singular challenge with unparalleled precision.”
Founded by Iain Mackie, Carlos Gammel, and Federico Rossetto, Malted AI traces its origins back to the team’s triumph in the prestigious 2022 Amazon Alexa Prize, where they emerged victorious among a field of over 100 competitors. Today, Malted AI stands as a testament to Scottish innovation, boasting a multidisciplinary team comprising former quant traders, seasoned researchers from tech giants like Meta and Google, as well as top-tier talent from academia.
Bryan Gartner, Partner at Hoxton Ventures, underscores the transformative potential of Malted AI, stating, “Malted AI has the hallmarks of becoming a cornerstone of Europe’s AI landscape. Their approach challenges conventional wisdom, offering a fresh perspective on AI adoption within enterprises.”
Gartner continues, “With their roots firmly planted in Edinburgh, a renowned hub for AI excellence, and strong ties to leading academic institutions, Malted AI is poised for exponential growth.”
With this latest funding injection, Malted AI is primed to accelerate its research initiatives, bolster product development efforts, and expand its team, further solidifying its position as a trailblazer in the realm of small language models.
Conclusion:
Malted AI’s successful funding round marks a significant advancement in the AI market, signaling a shift towards more efficient and cost-effective solutions for enterprises. With their innovative approach to Small Language Models, Malted AI is poised to disrupt traditional models and emerge as a leader in the industry, offering tailored solutions to complex challenges across various sectors. This investment underscores growing confidence in AI innovation and highlights Edinburgh’s emergence as a hub for pioneering AI technologies.
