June 24, 2021
Neurala, which develops artificial intelligence vision software, has announced raising $12 million to further advance development for the manufacturing industry. The round was led by Zebra Ventures and Pelion Venture Partners, bringing the total invested in Neurala to $26 million.
The company said it will use the funding to evolve and accelerate adoption of its vision AI in the industrial and manufacturing sectors on a global scale, as manufacturers prioritize automation through Industry 4.0 initiatives. The company’s VIA software delivers an integrated solution that helps manufacturers improve quality inspection on their production lines to provide more productivity, accuracy, and speed.
Over the past year, Neurala said it increased its capacity to identify and resolve problems in manufacturing facilities through system integrator partnerships, and well-entrenched suppliers. In addition to systems integrators, Neruala has worked with several OEMs, including IMA, IHI Logistics & Machinery, and FLIR, helping to deliver easy-to-use AI solutions to improve the speed and efficiency of inspections with an affordable price point.
“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.”
Neurala recently launched its European subsidiary, Neurala Europe, based in Trieste, Italy. The company said it will use the new capital to expand on its newfound global presence to help manufacturers around the world.
“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.”
Additional investors in this latest funding round include Draper Associates, Friulia, AddValue, 360 Capital Partners, Idinvest Partners, Cougar Capital, and industrial investors IMA and Antares Vision.