Founded by Bulgarian scientists and John Atanasoff Award winners Prof. Martin Vechev and Dr. Petar Tsankov, LatticeFlow is developing the first platform for a new generation of artificial intelligence, and its clients include the US Army, Siemens and a number of Fortune 500 companies. This year, LatticeFlow was recognized as the No. 1 AI startup in Switzerland and was included in the list of the top 100 AI companies in the world.
A Bulgarian-founded company for a new generation of artificial intelligence attracted 24 million leva in investment and opened an office next to INSAIT
A trillion dollar problem
In 2022 alone, the global industry invested nearly half a trillion dollars in artificial intelligence (AI)-based systems, with 87% of these investments failing – AI models perform remarkably well in laboratory conditions, but often make mistakes when confronted with real-world situations. For example, a number of AI models for diagnosing COVID-19 show excellent results on specially selected test data, but fail to accurately diagnose patients outside this group. Sometimes these mistakes lead to fatal consequences – autonomous cars kill three people because the navigation algorithm does not recognize white trucks in a clear sky. The main problem is that modern artificial intelligence models are based on hundreds of millions of parameters, which makes their inspection practically impossible. This increasingly blocks the penetration of modern AI technologies into a number of strategic industries – manufacturing, transportation, medicine, security.
A new generation of artificial intelligence
To solve this global problem, Bulgarian scientists Prof. Martin Vechev and Dr. Petar Tsankov founded LatticeFlow together with their colleagues from ETH Zurich – Prof. Andreas Krause and Dr. Pavol Bielik. The company’s mission is to create the world’s first industrial platform for building reliable AI models, opening the door wide for the mass adoption of artificial intelligence.
Rapid growth
Just a year after an initial funding of 5 million leva, LatticeFlow attracts a new investment of 24 million leva from world-renowned American and European funds Atlantic Bridge, OpenOcean, and FPV Ventures. This comes after a rapid growth in 2022, achieved with the company’s first product, which is now used by the US Army , the German Federal Office for Information Security, a number of leading ( Fortune 500) American and European companies (such as Siemens), as well as world leaders in artificial intelligence such as Intenseeye and Voxel AI. The Bulgarian-Swiss company also won the award of #1 Swiss AI startup (selected from over 170 companies) , and is ranked among the top 100 AI companies in the world (CB Insights AI100).
“The growth potential of LatticeFlow is virtually endless. We have created a product that is indispensable for every industry developing and using artificial intelligence, paving the way for the mass adoption of AI,” said Tsankov. “Our ambition is to establish LatticeFlow as a global leader and create a multibillion-dollar company.”
LatticeFlow opens an office next to INSAIT
In addition to the funding, LatticeFlow announced that it will open an office next to INSAIT – the first world-class institute in Eastern Europe in the field of computer science and artificial intelligence, created in partnership with the Swiss ETH Zurich and EPFL.
“The deep connection between institutions such as Stanford, MIT, ETH Zurich, Technion and high-tech companies based on scientific excellence like LatticeFlow is the foundation of the most innovative ecosystems in the world, such as those in Israel, Switzerland and the USA. Attracting LatticeFlow to INSAIT is a step towards positioning Bulgaria as a world-class high-tech destination,” shared Prof. Martin Vechev, architect of INSAIT.