AI Firm CloudMile Raises $6 Million in Pre-B Series Funding
Finance

AI Firm CloudMile Raises $6 Million in Pre-B Series Funding

CloudMile, a cloud computing firm that specializes in artificial intelligence, today announced that it has managed to raise $6 million in Pre-B Series funding. The funding round was led by Taiwan Cooperative Venture Capital, CDIB Capital Management, and Black Marble Capital Management. The company is looking to allocate this freshly raised capital towards expanding its reach in the overseas market and also towards raising its R&D capabilities. Better R&D capabilities will allow the company to come up with better AI products for its clients.

According to the statement from the CloudMile’s Founder & CEO, Spencer Liu, CloudMile is looking to expand its business in Asia in a big way. The company, which was established in 2017, already boasts of 300 clients in Hong Kong and Taiwan. Liu said,

“To better serve clients in Asia, we plan to enter Singapore officially in 2020. We will base our Operations HQ in Singapore and AI R&D center in Taiwan. CloudMile will advance the Asian market with the synergy of the best talents and technologies.”

The company has built an international team so that it can better navigate these markets. CloudMile’s commissioned Locarno Pan to look after its expansion into the Asia Pacific region. Pan has experience of a decade in the cloud services industry and could prove to be an inspired appointment.

Up until the establishment of CloudMile, it was Google Cloud, which was the dominant cloud services provider in Taiwan. However, the company managed to successfully build the first form of AI technology in the country, and it has not looked back since. Due to the company’s achievements, it soon became a Premier Partners of Google Cloud in Taiwan and worked in a wide range of industries. Google Cloud has accredited CloudMile for its work in the media, retail, gaming, and manufacturing sectors.

The latest developments are significant for CloudMile and are going to see the company launch the next stage of its growth. Ryan Kuo, Deputy General Manager at CDIB Capital Management Consultation, spoke about CloudMile’s prospects in detail. He was particularly keen to talk about the role of CloudMile cold play in industrial development. Kuo said,

“Amongst the many innovative technologies, AI innovation is regarded as the dominant technology that will revolutionize industrial development.”

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