Neurala raises $12m to scale AI for industrial manufacturing
Neurala, a developer of vision AI software, has raised $12 million in funding to advance the development of vision AI for manufacturing.
The company said that the funding would enable it to evolve and accelerate adoption of its vision AI in the industrial and manufacturing sectors on a global scale, as manufacturers increasingly prioritize automation as part of Industry 4.0 initiatives.
Built on the company’s deep AI expertise, Neurala’s VIA software delivers an integrated solution that’s been designed to help manufacturers improve quality inspection on the production line delivering increased productivity, accuracy and speed.
Over the past twelve months Neurala has increased its capacity to identify and resolve problems in manufacturing facilities through expert system integrator partners and suppliers. In addition to expanding its work with system integrators, Neurala has also worked with a growing number of OEMs, including investors IMA, IHI Logistics & Machinery and FLIR, to deliver easy-to-use AI solutions that will improve the speed and efficiency of inspections at a price point that makes them affordable for a wide range of customers.
The funding comes at a time when manufacturers are increasingly focused on AI and automation as a key tool in their ability to adapt to new realities established by the pandemic. With this funding, Neurala will be able to evolve VIA to make it more efficient for a wider range of applications and use cases.
“This past year we were able to turn a global crisis into an opportunity to both completely transform our business and to catalyze much-needed innovation in the AI space,” said Max Versace, CEO and co-founder of Neurala. “There was always an opportunity for AI and automation to improve manufacturing, but the pandemic really accelerated the industry’s willingness to embrace the technology. Our team has worked relentlessly over the last year to introduce VIA to partners and customers across the globe, and now that the world is ready to embrace it, we are ready to deliver it. The funding will enable us to do that at a much greater scale that meets the demand we’re seeing in the space.”
The funding round, led by Zebra Ventures and Pelion Venture Partners, also participation from Draper Associates, Friulia, AddValue, 360 Capital Partners, Idinvest Partners, Cougar Capital, and industrial investors IMA and Antares Vision.