Elementary, an artificial intelligence machine vision company, has closed a $ 30 million Series B funding to continue developing its quality manufacturing and inspection tools.
We last profiled the Pasadena-based company last June when it raised $ 12.7 million in a funding round led by Threshold Ventures. Elementary’s tools allow customers to create code-free inspection routines and train models to inspect products, parts, and product assemblies that were previously impossible to inspect manually, in a repeatable and scalable manner.
With the latest funding, Threshold is back and participating with other existing investors, including Fika Ventures, Fathom Capital, Riot VC and Toyota Ventures, in a round led by Tiger Global. In total, the company raised $ 47.5 million.
“Elementary’s rapidly deployable hardware and machine vision software power modern factories,” Mo Islam, director of the Elementary board and partner of Threshold Ventures, said by email. “I am delighted to welcome Tiger Global as a new partner for the company as it expands its deployments with many customers in manufacturing, consumer packaged goods and logistics. “
Meanwhile, Arye Barnehama, Founder and CEO of Elementary, explained via email that customer demand and market timing are the driving forces for the company to seek new funding. More than 250 million inspections have been carried out to date, he said.
Over the past year, the company has increased the number of its Tier 1 client companies tenfold. At the same time, the Elementary team has doubled its workforce and complemented its executive suite with the hiring of Milind. Karnik as VP of Engineering, Monique Apter as VP of Sales, Krishna Gopalakrishnan as Senior Director of Vision and Platform, and Greg McEntyre as VP of Implementation.
Barnehama expects the new funding to expand Elementary’s customer base globally. He also intends to double the company’s headcount over the next year by increasing the engineering, sales, implementation and customer success teams. The company will also invest in technology development for additional AI inspection capabilities and cloud analytics and reporting.
“During the pandemic, manufacturing and logistics suffered significant labor shortages that were already starting before the pandemic but increased dramatically,” Barnehama said. “As companies look to continue to automate without having to rely on expensive and hard-to-find engineering talent, our business has grown because we are able to provide them with AI solutions without code. Overall, we make it quick and easy for clients to navigate Industry 4.0 cloud initiatives and quality / sustainability initiatives.