December 16, 2021
Elementary, which has built an artificial intelligence machine vision platform for quality and inspection in manufacturing, has announced raising $30 million in Series B funding to support customer demand.
With the new capital, the company said it is poised to aggressively scale its solution worldwide with existing and new customers, to help manufacturers with automated inspection solutions to address labor constraints and to keep pace with quality goals. Unlike manual inspections, Elementary’s platform lets customers inspect 100% of their produced goods and can inspect parts and assemblies that were previously impossible to inspect, in a highly repeatable and scalable way.
“We are proud to partner with Elementary on the modernization of our quality inspection program,” said Chris Rolenc, principal engineer at Milwaukee Tool. “It is very exciting to see all of the actionable data that the system produces as it gives us great insight into the efficiency of our operations.”
Elementary said its no-code approach lets customers create inspection routines and train models by labeling data through an intuitive, user-friendly interface rather than requiring expensive programming and integration.
“Our no-code AI, data-driven approach is resonating with the market and our customers are asking for more,” said Arye Barnehama, founder and CEO of Elementary. “With over 250 million inspections performed, we are confident that we can continue to deliver insights that not only help customers ship quality products, but also leverage the data to truly close the loop on quality.” The company said more than 10% of all open roles in manufacturing are quality or inspection related, making it the third hardest position to fill in the industry.
The funding round was led by Tiger Global, and joined by existing investors Threshold Ventures, Fika Ventures, Fathom Capital, Riot VC and Toyota Ventures.
“There are few trillion-dollar markets like manufacturing,” said Mo Islam, an Elementary board director and partner at Threshold Ventures. “Watching the execution level of the Elementary team to land and expand with global, Fortune 200 companies has been extremely exciting to be a part of. I’m thrilled for the company to add a partner like Tiger Global as the company scales to the next level.”
The company said it would use the funding to expand operations globally and continue to recruit top talent. In addition, it announced it is partnering with Rapid Robotics, which helps manufacturers solve labor shortages with its ready-to-work Rapid Machine Operator. The combination lets customers automate while simultaneously ensuring quality, Elementary said.
For more details on the company and its technology, visit the Elementary website here.