Elementary, a company that offers an AI machine vision platform for inspections in manufacturing, announced yesterday that it raised $30 million in Series B funding. This brings the company to $47.5 million in funding since its founding in 2017.
Previously Elementary Robotics, Elementary announced its last funding round in June 2020. In the same month, its first commercial products became available.
At the time, Elementary’s inspection cameras sat on a camera mount that could move the camera around the object being inspected. Objects would sit on a part inspection bed.
Today, Elementary installs mostly static cameras, and it has expanded the number of uses for the system. The company’s Radian Inspection Camera is able to do a variety of inspections, such as batch inspections to detect foreign objects and cosmetic imperfections, and confirm assembly verifications.
Inspections like these are going to become more crucial as manufacturing plants become more automated, according to Arye Barnehama, founder and CEO of Elementary. As more jobs become automated, there will be fewer people inspecting objects as they work. To ensure that there are no issues in production, it’s going to be more important than ever to have extra inspections throughout the process.
Elementary’s system is designed to be easy to use and simple to install. Customers can easily add to or change their inspection criteria, no coding required.
“Our no-code AI, data driven approach is resonating with the market and our customers are asking for more,” Barnehama said. “With over 250M inspections performed, we are confident that we can continue to deliver insights that not only help customers ship quality products, but leverage the data to truly close the loop on quality.”
The company plans to use the funding to continue to expand operations internationally and, according to Barnehama, more than double its staff.
The funding was led by Tiger Global, and included participation from previous investors like Threshold Ventures, Fika Ventures, Fathom Capital, Riot VC and Toyota Ventures.
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