L2F raises CHF 3.7 million to continue developing its high-performance Giotto AI platform
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Venture Leader Technology L2F raised CHF 3.7 million in a Series A2 fundraising round led by 4FO Ventures. The Lausanne-based company develops an AI platform anchored on its proprietary technology where it hosts a suite of vertical B2B SaaS products. We asked L2F CEO Aldo Podestà how the money will help his startup achieve its mission, how COVID-19 affected the fundraising, and what role the Venture Leaders played in the company’s growth.
Aldo, L2F raised CHF 3.7 million in a Series A2 fundraising round. How will the money help you achieve your mission to democratize access to robust, high-performance, and interpretable artificial intelligence?The CHF 3.7 million include around CHF 1.9 million new cash, the balance being a conversion of previous loans from our lead investor. We have a tail window up to mid-September for additional investors to come in with up to CHF 1 million new cash. The Series A2 funds allow us to continue the development of our high-performance Giotto AI “engine,” which we are using to power vertical SaaS applications, initially in the medical device area but with a view to expanding into many other segments in due course. We also expect to execute a Series B funding round in the second half of 2022 to finance the further expansion of the company’s activities.
Swiss-based venture capital firm 4FO Ventures contributed to your fundraising round. Why did you and your team decide to work with these investors?
Our lead investor, 4FO ventures, has a strong belief in the future of AI and in the approach that we are taking in developing the Giotto platform. Apart from making a significant further investment in our A2 round, 4FO has consistently provided us with good investment contacts and supported us with business advice.
How did COVID-19 affect the fundraising round?
COVID-19 delayed our product development with a knock-on impact on revenue generation. This, together with the impossibility of holding face-to-face meetings, made it more difficult to successfully execute the fundraising round.
What are the next milestones you want to achieve?
By the end of 2022, we want to be clearly established as the market leader with our vertical SaaS application for compliance with EU medical device regulations and to have successfully executed a Series B fundraising to take the company forward to the next level.
You were a Venture Leader Technology last year. How has being a member of the Swiss National Startup Team helped your startup?
Being a member of the Swiss National Startup Team has really helped increase the visibility of our company. Unfortunately, COVID-19 has prevented us from gaining maximum advantage from this!
Applications for the Venture Leaders Technology program 2021 are now open. What advice do you have for startups that want to apply to the program?
The program is a great way to increase the visibility of your startup and expand your network of contacts. It’s really worthwhile participating!
The L2F team in 2021
