PARIS–(BUSINESS WIRE)–The European Investment Bank (EIB) and Toulouse-based startup Alteia, which specializes in the development of artificial intelligence software, have announced the signature of a €15 million financing agreement.
It is part of the EIB’s strategy to strengthen innovation in the deep tech sector and the European Union’s competitiveness in the strategic field of industrial artificial intelligence and data processing.
The operation aims to enable Alteia to continue its development of technologies in the field of artificial intelligence applied to visual data and support the growth and visibility of its enterprise platform.
Alteia is the visual intelligence platform for enterprises, which are provided with access to tools and services to develop artificial intelligence applications in a much more efficient and cost-effective manner than alternative approaches. Alteia’s platform approach offers very attractive development and deployment times and costs for customers compared to its competitors. Located in the heart of the Aerospace Valley in Toulouse, as well as in Paris and California, Alteia’s development team includes specialists in computer vision, spatial image analysis and software engineering.
“Large companies are increasingly including artificial intelligence in their activities. These companies generally choose the platform-as-a-service model, which they can use to speed up the development, roll-out and industrialization of artificial intelligence applications, while still guaranteeing business expertise,” said Alteia CEO and co-founder Michael de Lagarde. “With its first successful large-scale deployments, Alteia has proven that it offers the most advanced and scalable solution for large companies to aggregate and integrate their visual data efficiently, also adding an artificial intelligence-driven analysis layer. This EIB financing will enable us to accelerate our activity at a time when digital transformation is becoming a major strategic challenge across all sectors of industry.”
“The EIB is pleased to be able to support the development of a company as promising as Alteia on the very high-potential market of visual intelligence,” said EIB Vice-President Ambroise Fayolle. “By providing highly innovative solutions to many agricultural and industrial activities, the technology developed by Alteia can offer competitive advantages to a wide range of public- and private-sector players in their digital transformation, meeting the requirements of their customers and users by bringing them better products and services. In the ongoing global battle around artificial intelligence and the processing of ever bigger volumes of more complex data, the success of companies such as Alteia is of strategic importance for Europe.”