Northern Gritstone Leads £4.6M Seed for Energy-Efficient AI Startup Literal Labs
As reported by Tech EU, a technology investor from the UK, Northern Gritstone, is said to have spearheaded a £ 4.6 million seed funding round for Literal Labs, one of the energy-efficient start-ups at Newcastle University. This is the first-ever venture of Northern Gritstone that is linked to Newcastle University. It is said to support innovative businesses in the North of England.
Innovative Approach to AI
Literal Labs utilizes Tsetlin machines, which provide a logic-based alternative to traditional neural networks. This approach leads to better computational and energy efficiency. The idea originates from the work of Soviet mathematician Mikhail Tsetlin. It differs from the usual neural networks, which draw inspiration from biology and employ a significant amount of multiplication. Tsetlin machines rely on propositional logic.
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Leadership and Vision
Newcastle University's professors, namely Dr. Alex Yakovlev and Dr. Rishad Shafik, founded Literal Labs. The company has Noel Hurley as its CEO, who was a former executive at Arm. Hurley emphasizes the need for better sustainability and greater diversity. He aims to develop AI tools that are faster, more energy-efficient, and more explainable than current neural network models.
Strategic Investment Partners and Future Projects
The funding round also includes contributions from Mercuri, Sure Valley Ventures, Cambridge Future Tech SPV, and several angel investors. Duncan Johnson, CEO of Northern Gritstone, praised Literal Labs' innovative approach and energy efficiency, highlighting the potential impact on the AI industry.
The funding round has a certain number of contributors, ranging from Mercuri, Sure Valley Ventures, Cambridge Future Tech SPV, and several angel investors. Duncan Johnson, CEO of Northern Gritstone, said,
"Literal Labs is Northern Gritstone's first investment linked to Newcastle University, renowned for its technology-related research. He also added that we are delighted to support Noel Hurley and the Literal Labs team at a time when innovation can truly benefit from greater efficiency in AI."
It was also stated that the first commercial product of Literal Labs will be launched in the second half of the year.
