News - Full StoryInvisible AI Raises $15 Million Series A to Rapidly Scale Innovative Computer Vision Platform Across Manufacturing Facilities
PALO ALTO, Calif., Sept. 28, 2022 /PRNewswire/ -- Invisible AI, a leader in state-of-the-art AI solutions for manufacturing, today announced the close of a $15 million Series A funding round, bringing the company's total amount raised to $21 million. New investor Van Tuyl Companies (VTC) led the round with participation from new investor FM Capital and existing investors 8VC, Sierra Ventures, K9 Ventures and Vest Coast Capital. The funding will be used to grow the team and meet rapidly growing demand from existing and new customers.
Since the company was founded in 2018, Invisible AI has seen rapid growth in large-scale deployments. Its technology is currently utilized in 6 facilities, with an additional 8 new deployments scheduled for the next 6 months. Customers such as Toyota Motor North America rely on Invisible AI to provide unprecedented, actionable insight into their assembly lines.
"Invisible AI is working with best-in-class manufacturers across automotive and other high-value industries to power cutting-edge factories to be safer and more efficient," said Eric Danziger, CEO of Invisible AI. "We are thrilled to be bringing on experienced and like-minded automotive and technology investors like VTC and FM Capital, and are also excited that automotive industry veteran Mark McNabb, Managing Director at VTC and former COO of Volkswagen of America and President & CEO of Maserati North America, will be joining our Board to help us grow and expand our company."
"What Invisible AI stands to offer for manufacturing is truly revolutionary," said Mark McNabb. "VTC is excited to work with Eric, Prateek, and the entire Invisible AI team to offer best in class solutions for manufacturers."
The global smart manufacturing market is more than $250 billion and expected to grow in the years ahead. Invisible AI has built a scalable computer vision platform with the mission to accelerate the adoption of Industry 4.0 across global manufacturing. Invisible AI's industry first no-code, edge-based AI software serves as the eyes of the smart factory. The company's key application tracks body movement to improve manual assembly processes in manufacturing facilities, augmenting the workforce by giving operators real-time feedback to improve quality, ensure safety, and increase productivity at scale.
Invisible AI's technology uses edge-based AI devices with a built-in AI chipset, 1 TB of storage, and a high-resolution 3D camera to track activity across manufacturing facilities without using the cloud or any bandwidth. The self-contained AI device processes body motion data to identify potential for high-stress injuries and prevent simple defects in real-time, which generates millions in savings for customers. The software is entirely anonymized and privacy-centric by design and can be deployed in minutes without any coding or engineering expertise, allowing customers to scale to thousands of cameras with ease.
Earlier this year, Invisible AI announced a partnership with Toyota Motor North America (TMNA) to integrate Invisible AI's innovative technology across Toyota's 14 North American manufacturing operations. The partnership kicked off with Toyota Indiana as the first TMNA manufacturing site to implement Invisible AI technology at scale with an initial deployment of 500 edge-based AI devices in 2022.
ABOUT INVISIBLE AI
Founded in 2018 in San Francisco, California, Invisible AI provides the next generation computer vision system that revolutionizes the data collecting process of manual operations for manufacturing companies and significantly improves the productivity, quality, and safety of manual operations. Invisible AI's simple, secure, and scalable system has gained tremendous traction and has had proven success in deploying and delivering valuable results within hours for top manufacturing companies like Toyota North America. Invisible AI's mission is to empower manufacturing industries worldwide and to accelerate the fourth industrial revolution. To learn more, visit www.invisible.ai and follow us on LinkedIn and Twitter.