Since its inception in March 2022, FedML has rapidly ascended to a leadership position in the realm of community-driven AI. It hosts the highest-rated open-source library for federated machine learning, outpacing Google's TensorFlow Federated as of November 2022.
The platform of FedML is now favored by over 3,000 users worldwide, conducting over 8,500 training tasks across upwards of 10,000 edge devices. In addition, FedML has successfully procured more than 10 enterprise agreements across various sectors including healthcare, retail, financial services, smart homes/cities, mobility, and beyond.
This $11.5 includes $4.3M in a first tranche previously disclosed in March 2023, plus $7.2M in a second tranche that closed earlier this month.
“FedML’s decentralized machine learning solution promises to create a large economy and marketplace for machine learning resources (data, compute, and open-source models), especially as the generative AI revolution is unfolding rapidly,” - Adam Winnick, General Managing Partner at Finality Capital Partners.
Funding led by: Camford Capital
Participation from: Road Capital, Finality Capital Partners, PrimeSet, AimTop Ventures, Sparkle Ventures, Robot Ventures, Wisemont Capital, LDV Partners, Modular Capital and University of Southern California (USC).
Total Funding Amount: $13.5m seed round
Funds Use: To expand operations and its business reach.
About: FedML is a leader in custom AI development, using distributed AI and federated learning to help companies build and train their own AI models.