Focoos AI, an Italian spin-off of Politecnico di Torino, incubated by I3P and part of the ESA BIC Turin incubation program, announced the closing of a seed investment round of €2.65 million.
The funding is led by Galaxia, the Italian National Technology Transfer Hub of CDP Venture Capital dedicated to aerospace, which participates with a follow-on compared to the previous pre-seed investment, as well as PiemonteNext, the fund established and managed by CDP Venture Capital and subscribed by the regional financial institution Finpiemonte to maximize innovation investments destined for the territory, and by VC Partners SGR, Vertis SGR, Vento, and Exor Ventures.
The technology of the start-up
Focoos AI offers a web platform that provides access to highly efficient and low computational power artificial vision models, meaning reduced energy consumption, allowing the development and integration of AI solutions in a fast and optimized way. These models are designed to be easily adapted to the specific needs of companies, which can customize them autonomously for computer vision applications in sectors such as smart cities, industrial production, and satellite image analysis.
The models created with Focoos AI's proprietary technology are up to 4 times more efficient and 10 times faster than market standards. This not only reduces cloud costs but makes it possible to run AI applications directly on edge devices, such as cameras and drones. The innovative value of the solution presented by the young company had already earned it, in 2023, an award at the Start Cup Piemonte Valle d'Aosta regional competition and the overall victory at the Italian National Innovation Award (PNI), along with its ICT Award.
The investment of €2.65 million will be allocated to:
- integration of new features on the platform, improving model customization and performance monitoring capabilities;
- training of efficient foundational models, ready for immediate use in various industrial sectors;
- market launch and international growth, through the creation of strategic partnerships and access to new vertical markets;
- expansion of the research and development team and the commercial division.
The development of the solution
Fabio Cermelli, CTO and Co-Founder of Focoos AI, stated: "Today, technological optimization is no longer a luxury, but a necessity. Our web platform, already in beta for early users, will soon be accessible to everyone and will bring a new standard of high performance with minimal consumption. Behind this technology, there is tireless work and an extraordinary team that has never stopped. This investment allows us to accelerate even more, giving further momentum to our vision."
Antonio Tavera, CEO and Co-Founder of Focoos AI, added: "This investment round is not a point of arrival, but a new beginning for Focoos AI. The trust of our investors is concrete proof of the solidity of our vision and the path we have undertaken. We want to change the rules of the game: make artificial intelligence accessible to everyone, eliminating technological and economic barriers. AI must be designed to bring the greatest benefit to humanity, with a balance between innovation and sustainability. And we at Focoos AI are more determined than ever to lead this change."
The future of the project
Claudia Pingue, Senior Partner and Head of the Technology Transfer Fund at CDP Venture Capital, said: "We are pleased to renew our support for Focoos AI, a company that is redefining the application paradigm of computer vision. Its vision of accessible and efficient AI, capable of operating on low-power devices, represents a decisive step for the large-scale adoption of these technologies. This investment confirms our commitment to supporting deep tech solutions capable of enhancing – sustainably – industries globally."
Roberta Vercellotti, Founding Partner of VCP, commented: “We are thrilled to invest in Focoos AI, and work with an outstanding team led by Antonio Tavera and Fabio Cermelli. Focoos AI’s frugal approach to AI models for computer vision has a wide range of potential applications and use cases and this investment round will allow the company to expand its reach to developers worldwide seeking the best performing and efficient models. I will join a board led by Barbara Caputo, a Co-Founder of Focoos AI, Professor at Politecnico di Torino and a renowned thought leader in the field of applied computer vision, and will work with the entire team to help them fulfill their vision of becoming a leading provider of frugal neural networks.”
Alessandro Papoff, Investment Manager of Vertis, stated: "In Focoos AI, we have found an ideal solution to democratize artificial intelligence, making computer vision accessible to any sector and device. This technology makes it possible to cut operational and development costs, ensuring a perfect balance between efficiency and accuracy of neural networks. We are excited to support Antonio and Fabio, two extraordinary talents with a clear vision and a strong motivation, in their journey toward the challenges ahead."
Mario Alparone, Director of Finpiemonte, said: "The use of AI algorithms goes hand in hand with the ongoing process of digitalization. With this new round of Focoos AI, which sees us among the investors with the PiemonteNext fund, we want to continue to support the challenge of this startup and its team, aware of its potential in the field of Artificial Intelligence and the added value on issues of technological innovation and energy efficiency."
"The innovation proposed by Focoos AI has broad application potential in different industrial fields", commented Giuseppe Scellato, President of I3P and Coordinator of ESA BIC Turin. "Winning the PNI (Italian National Innovation Award) 2023 was an initial confirmation of the value of Focoos AI's proprietary technology, the same technology that – now further developed and enhanced – has led a pool of top-tier investors to concretely demonstrate their trust in the future of the project. We are proud of this achievement and of being able to support the company's international growth journey."
