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Sweden's Wallenberg Family Backs AI Software Maker Peltarion

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Photographer: Andrey Rudakov/Bloomberg
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Sweden’s most powerful industrial family has invested 11 million euros ($13 million) in a maker of a software platform that lets companies use artificial intelligence to improve their business.

Stockholm-based Peltarion AB raised the funds from FAM, the holding company owned by the three largest Wallenberg family foundations, and will use the money to hire more staff and accelerate development of its software, it said in an emailed statement on Tuesday.