Ultralytics, a US‑headquartered developer of computer vision models with a growing London hub, today announced it has secured $30 million in Series A funding. The round was led by Elephant VC, with participation from SquareOne.
The funding will be used to expand the company's YOLO algorithm family and productize these models into new applications. Ultralytics also intends to grow its go-to-market team to drive adoption.
Ultralytics creates the popular YOLO series of open-source computer vision models, which see over 2 billion daily uses for tasks like crop monitoring and identifying production line issues. Its GitHub repository ranks among the world's top five. Ultralytics’ latest model, YOLO11, was debuted in September 2024. The company's continued development and innovation of their Ultralytics YOLO models has yielded strong performance in terms of speed and accuracy, combined with a streamlined design. These advances have made Ultralytics YOLO a widely used computer vision model across industries and domains.
The company generates revenue by licensing its open-source models to enterprises for use in commercial projects. Customers include Siemens, Duolingo, and STMicroelectronics. Ultralytics models perform object identification, segmentation, and pose estimation, crucial for machine learning applications.
This funding round follows the company’s previous participation in Intel's Ignite accelerator. The company confirmed its profitability.
