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Boston-based computer vision startup Neurala has expanded into Europe through the launch of a subsidiary based in Italy.
Neurala develops image recognition software for devices like cameras and drones, as well as an AI platform that can automate visual inspections. The newly launched Neurala Europe will advance the firm’s presence on the continent and is being backed by Italian investment firms Friulia S.p.A and AddValue.
“This new venture will enable Neurala to address that need by working closely with local partners and our team on the ground to bring vision AI onto industrial machines, cameras, and production lines,” Max Versace, co-founder and CEO of Neurala, said.
Neurala Europe will be managed by Versace and Daniel Glasser, Neurala’s vice president of client operations, who joins the board.
Neurala’s European arm will look to hire software engineers and research personnel based outside the country.
Describing the move to Italy as a “homecoming,” Versace said that having been born in Italy, he is “thrilled” to launch the subsidiary.
“My hope is that we are able to marry Neurala’s AI expertise with Europe’s drive for industrial innovation,” he added.
It is worth noting that the CEO is indeed related to the late legendary fashion designer Gianni Versace. Max is the second cousin to Donatella Versace, the creative director of the fashion company that shares their surname.
Opting to move away from his family’s fashion business, Max co-founded Neurala in Boston back in 2006 and became a prominent cognitive scientist, serving as the founding Director of the Boston University Neuromorphics Lab.
Neurala company hit headlines in 2017 for earning $14 million in a Series A funding round, led by Pelion Ventures.
Two years later, the firm was shortlisted for the Best AI Startup Award at the 2019 AIconics Awards.