One of Europe’s largest private AI labs Silo AI announced today that Altor Equity Partners has joined its growth journey as a strategic partner. The partnership and investment allows Silo AI to accelerate its international expansion and further develop its Silo OS infrastructure on its long-term journey to be the European flagship AI company. During the next year, Silo AI plans to establish two new AI hubs in Europe and to hire more than 200 additional AI scientists, with the objective to help more companies build safe, human-centric AI.
Together with its clients, Silo AI has been able to grow profitably into one of the largest private AI labs in Europe, doubling the number of employees and revenue for the fourth year in a row. Silo AI has reached the 240-people milestone, while assuring its expertise is world-class. Today, more than 120 Silo AI employees have a PhD degree in AI-related fields, such as machine learning, computer vision and natural language processing. With its unique team and the Silo OS infrastructure, Silo AI delivers AI-driven solutions and products to enable smart devices, autonomous vehicles, industry 4.0, and smart cities to industry-leading clients like Allianz, Danske Bank, Körber, Philips, Rolls-Royce, Sandvik and the United Nations. Silo AI had a revenue in 2021 just north of €12M.
“To take the next steps on our journey, now is a good time to enter a partnership with Altor. When executing our ambitious growth plan, we ensure with this partnership that Silo AI will be able to better serve our international client base and continue putting employees first when growing. On our long-term commitment to build a European AI flagship, we’re still in the very beginning. I am more than honored to continue this exciting journey with all Silonauts, and to welcome Altor onboard”, says Peter Sarlin, CEO and Co-Founder of Silo AI.
“Altor will bring Silo AI tangible support when it comes to international expansion, M&A and investments into Silo OS. Going forward, this puts Silo AI in an even stronger position on the market. Altor has committed to, and more importantly we believe they have the unique capability to, elevate Silo AI’s growth and help us reach the next levels on our growth journey”, explains Tero Ojanperä, Executive Chairman and Co-Founder of Silo AI.
“We are proud to partner up with the management and founders of Silo AI, who have spearheaded the industry. We are impressed with the company, its unrivalled market reputation, exceptional talent, and strong culture and thought leadership. The demand for AI services has tremendous tailwind and we believe Silo AI is uniquely positioned as a trusted partner for companies to develop and maintain safe, reliable, and efficient AI products and solutions. Altor with our long-term perspective share a common view with the company on how to scale the business and deliver on the growth ambition,” says Mattias Holmström, Partner and Head of Tech at Altor Equity Partners.
About Silo AI
Silo AI is one of Europe’s largest private AI labs – a trusted AI partner that brings competitive advantage to product R&D. We build AI-driven solutions and products to enable smart devices, autonomous vehicles, industry 4.0, and smart cities. Silo AI provides its customers unique access to world-class AI expertise, as well as the Silo OS infrastructure to speed up AI development and deployment. Established in 2017, Silo AI is on a mission to build a European flagship AI company, with offices currently in Finland, Sweden, Denmark and Switzerland.
Since inception, the family of Altor funds has raised some EUR 8.3 billion in total commitments. The funds have invested in excess of EUR 5 billion in more than 75 companies. The investments have been made in medium sized predominantly Nordic companies with the aim to create value through growth initiatives and operational improvements. Among current and past investments are ARC/QNTM Group and Raw Fury. For more information visit www.altor.com
For more information
Peter Sarlin, CEO, Silo AI
+358 40 572 7670