Funding isn’t my primary interest, but this one has interest because of all the hype around artificial intelligence (AI). I continue to see articles in major media that imply that AI is a sort of Star Trek technology rather than something we’ve been using for 30 years or so. However, Neurala has been feeding me a lot of news this year about advances in its vision AI software. Now it has more money to further its development.
Neurala, the leader in vision AI software, announced that it has raised $12 million in funding to advance the development of vision AI for manufacturing. The round, led by Zebra Ventures and Pelion Venture Partners, with participation from Draper Associates, Friulia, AddValue, 360 Capital Partners, Idinvest Partners, Cougar Capital, and industrial investors IMA and Antares Vision, brings the total invested in Neurala to $26 million.
The funding will enable Neurala 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.
Neurala is a pioneer in vision AI for manufacturing. Built on the company’s deep AI expertise, Neurala’s VIA software delivers an integrated solution designed to help manufacturers improve quality inspection on the production line. With VIA, manufacturers are empowered to answer the call for increased productivity, accuracy and speed.
In the last twelve months, the company has increased its capacity to identify and resolve problems in manufacturing facilities through expert system integrator partners and well-entrenched suppliers. In addition to expanding its work with system integrators threefold, Neurala has also worked with an ever-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.”
This funding comes on the heels of the launch of Neurala’s subsidiary, Neurala Europe, based in Trieste, Italy. The new capital represents the next phase of growth for Neurala as it will be used to expand upon its newfound global presence as the company continues to help manufacturers around the world harness the power of vision AI.
“Today’s manufacturers are leveraging AI and automation to address challenges such as production constraints, supply chain disruptions, and imperfect workforce availability,” said Tony Palcheck, managing director of Zebra Ventures. “Zebra Technologies is proud to invest in Neurala as it commercializes VIA software to enable faster, more cost-effective, easy-to-deploy solutions for customers looking to improve their decision making and productivity on the production line.”
“As a long-time investor in Neurala, we have always recognized the power of its technology to enable smarter, autonomous decision-making in real-world scenarios,” said Ben Lambert, General Partner at Pelion Venture Partners. “Now we’re seeing a significant impact as Neurala has focused on applications in industrial and manufacturing. There’s a big opportunity for Neurala to grow that presence, not only in the US, but in Europe, Asia and beyond. We are excited to support the Neurala team in that journey as we know that it has the right team, the cutting-edge technology, and the global reach to capitalize on this significant market opportunity. “