- Founded in Palo Alto in 2017, Landing AI has developed a computer vision tool that manufacturers can use to build their own visual inspection software.
- Landing AI’s clients include American industrial equipment manufacturer Stanley Black & Decker and Taiwanese electronics manufacturer Foxconn.
- Intel Capital and Samsung Catalyst Fund both participated in Lending AI’s Series A funding round, as did Insight Partners and the Canadian Pension Plan Investment Board. The investment was led by MacRock Capital.
Artificial intelligence pioneer Andrew Ng, founder of Google Brain Research Lab and former chief scientist at Baidu, has raised $57 million from investors for his start-up, Landing AI, at an undisclosed valuation.
Founded in Palo Alto in 2017, Landing AI focuses on bringing artificial intelligence to manufacturing companies. It has developed a computer vision tool that manufacturers can use to create their own visual inspection software.
Computer vision software enables computers to extract meaningful information from digital images and videos. While it can be used, for example, It can also be used to identify a defect on a semiconductor wafer, a scratch on a smartphone screen, or a dent in an auto component, to help autonomous cars sense their surroundings.
Landing AI competes with the likes of Palo Alto-headquartered Instrumental and San Mateo-headquartered Chooch.ai.
“We build tools that make it faster and easier for manufacturers to build and deploy successful AI systems,” Ng told Businesshala, adding that he wants AI to expand beyond other industries and consumer Internet platforms like Google and Baidu. want to take
“We read in the news and hear PR discussions about AI that are supposedly changing a lot of things,” said Ng, a former professor of computer science at Stanford University.
“For me, I’m not feeling a lot of it yet. There’s a lot of proof of concept, tons of PR, but clearly when I walk around manufacturing plants, AI isn’t widely deployed. “
Landing AI’s clients include American industrial equipment manufacturer Stanley Black & Decker and Taiwanese electronics manufacturer Foxconn.
In a brief testimony on Landing AI’s website, Andrew Liu, executive vice president of Foxconn, says that Lending’s AI has shortened Foxconn’s development time and increased the accuracy of its AI system.
The amount of money flowing into AI start-ups has been steadily increasing over the past decade. Venture capital analysis firm Dealroom predicts that investors will invest about $90 billion in AI start-ups this year, up from about $60 billion in 2020.
Intel Capital and Samsung Catalyst Fund both participated in Lending AI’s Series A funding round, as did Insight Partners and the Canadian Pension Plan Investment Board. The investment was led by MacRock Capital.
Insight Partners Managing Director George Matthews said in a statement that “the digital modernization of manufacturing is growing rapidly,” adding that it is expected to be a $300 billion market by 2023.
“The opportunity and need for AI landings is only exploding,” Matthews said. “This will unlock an untapped segment of targeted machine vision projects while addressing quality, efficiency and output. We look forward to landing a role in the next phase of AI’s exciting journey.”
Ng said he plans to use the money to try and “make everything go faster.” This includes doubling the team from 75 to about 150, as well as bringing in new customers, he explained.