Alven Capital and Idinvest Partners have led a $45m funding round for photography and video production business Meero, eight months after its Series A round.
The company’s algorithmic image editing services use artificial intelligence to reduce processing times from hours to seconds.
Meero has planned to use the funding to set up the largest image-dedicated AI center in France.
The business will also use the funding to open new offices in the United States and Asia.
Through this deal, Idinvest has joined previous investors Alven, Global Founders Capital, White Star Capital, and Aglae Ventures – bringing the company’s financing to $60m over the last two years.
In December 2016 Alven Capital closed its fifth early-stage fund at its €250m hard cap.
Idinvest is currently half way through fundraising for its $300m-targeting Digital Fund III after pulling in €180m.
The European firm went on to name Guillaume Santamaria as the new investment director for the its growth capital team.
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