SiMa.ai, a system-on-chips (SoC) manufacturer for edge computing, has raised a USD 37 million extension from MSD Partners to its Series B funding round  (USD 30 million in May 2022). This brings the company’s Series B1 funding to USD 67 million and its  total funding to USD 187 million. 

The company plans to use the funds to expand its employee base, scale critical business functions, and “drive customer success and operations globally”. 

Analyst Quicktake: Yesterday, Axelera AI , which offers a similar solution to SiMa.ai, raised USD 27 million in Series A funding. The edge AI processor manufacturing space has seen a recent influx of funding with Kneron having raised USD 48 million earlier this month and Syntiant raising USD 55 million in March. This round puts SiMa.ai comfortably ahead of its competition in terms of total funding; with Kneron being the next most funded at just over USD 140 million.