Malted AI, an Edinburgh, Scotland, UK-based AI firm helping enterprises to build AI models, raised £6M in funding.
The round was led by Hoxton Ventures and joined by Creator Fund and angel investors.
The company intends to use the funds to invest in research, product development, and recruitment as it doubles the team size.
Led by CEO Iain Mackie, Malted AI takes the output of large models (like ChatGPT) and distils them into smaller models which allow enterprises to apply small language models (SLMs) that solve domain-specific problems with cost savings.
The technology is already being used by financial and legal firms in its first pilots, with further roll out planned for the rest of 2024.
FinSMES
15/05/2024