After landing seed funding in 2019, Edgetensor has secured a new bridge investment to see it through a Series A round.
The Plano- and India-based edge AI computing startup announced landing a new investment from Denver VC firm 3Lines Venture Capital. The financial terms of the deal were not disclosed.
“We are just scratching the surface of the multi-billion dollar market in the edge computing space. We are working non-stop to lead this fast-growing market truly,” said Rajesh Narasimha, co-founder and CEO of Edgetensor, in a statement.
NTX Inno reached out to Edgetensor but did not receive a response before publication.
Edgetensor was founded in 2017 by Narasimha and Soumitry Ray, who serves as CTO. Both co-founders met while working AR company Metaio, which Apple acquired in 2015.
The company focuses on edge computing, learning-based AI software that can use any camera to track real-time movements. So far, the technology has been deployed in the logistics industry to help prevent distracted driving and use cases in video security monitoring and personalized marketing.
“The founders' deep knowledge in the AI and IoT space, their approach to solving a tough problem of building an edge platform first gives them a lead in several application verticals,” said Krishna Kunapuli, founder of 3Lines, in a statement.
Since its launch, Edgetensor has gone through Capital Factory, Techstars and Plug and Play's accelerator programs.
According to Crunchbase, Edgetensor raised seed funding from Aristos Ventures in 2019 for an undisclosed amount. Later that year, it landed more funding from India’s SRI Capital and an undisclosed amount. It followed that with $225,000 in STTR Phase I grant funding from the National Science Foundation in 2020 to work on its driver monitoring technology. UT Dallas served as the research institution for that project.
While based in Colorado, 3Lines has ties to the DFW area. Last July, the firm appointed Pallab Chatterjee as its new chairman. Until then, Chatterjee served as the chairman and CEO of Addison-based CPG-focused AI marketing, merchandising and supply chain platform Symphony RetailAI and CEO of Blis International Inc. 3Lines’ website lists DFW-based Rajiv Roy as a venture partner.
“The focus of 3Lines on the impact of AI on future of work, future of enterprise and future of the industry is very much aligned with where I see the most exciting investment opportunities to create value for our investors,” Chatterjee said in a statement at the time of his appointment to the board.
