Softbank Group leads the $93mn investment in Petuum Inc
Softbank has been behind the substantial growth of Petuum Inc, closing $93 million in Series B funding, with participation from previous investor Advantech Capital.
Implementing machine learning applications to be deployed at scale, transforming businesses and supporting long-term growth, Petuum’s flexible operating system and virtualisation interface will enable users to build any type of machine learning or deep learning application, which can then be utilised on a wide range of enterprise hardware – including datacentres and IoT – where the management of applications and hardware are then able to come from a single terminal.
"We are firm believers in the value that AI can bring to a broad range of industries," said SoftBank Managing Partner Deep Nishar. "Petuum's work will finally help to unlock that value."
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One particular area of interest for the company is the digitisation of the healthcare industry and the need for software which can support the ongoing delivery of patient-centric care through the use of advanced data analytics. The use of Electronic Medical Records is becoming an increased area of focus and how such systems can be made more efficient across the board.
With this in mind, tech giants such as Apple and Amazon are continuing to look at the long-term growth of the healthcare industry and use of AI, alongside the growing use of health wearables and use of VR through the delivery of personalised care. This is also in alignment with a growing consumer healthcare market.