L2F Giotto gets CHF 3.7M Boost

Giotto, L2F’s platform making machine learning accessible for users without coding skills just achieved a new financing milestone. The startup just raised CHF 3.7 million including CHF 1.9 million in new cash, the balance being a conversion of previous loans from its lead investor Swiss-based venture capital firm 4FO Ventures.

Aldo Podesta, CEO & cofounder recently explained to Venturelab: "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.”

First customers

Contacted by Startupticker.ch, L2F CFO Christopher Bolton explains that the Ecublens startup has already one active paying customer using the Giotto Compliance application on a regular basis. He adds, referring to the current of state of affairs: “Set-up activities are currently ongoing with eight medical device companies (including major multinationals) who have already signed agreements with L2F and further agreements are expected to be signed in the near future.”

Fundraising and going next level

Speaking of the future, the CFO explains that there is a three month tail period for further investment (up to CHF 1 million in total) as part of L2F’s Series A2 funding round concluded earlier this month. L2F plans to spend the next year consolidating the position of its Giotto Compliance vertical SaaS product with the introduction of unique additional functionality. The Company will also begin preparing for a Series B funding round to take its development to the next level. L2F plans to introduce further vertical SaaS applications in due course, most likely in the medical device / healthcare space, although there are significant opportunities for its technology in other areas too.

(ES)