Andrew Ng, the founder and CEO of Landing AI.
MARK RALSTON | AFP | Getty Images
Artificial intelligence pioneer Andrew Ng, the founder of the Google Brain analysis lab and the previous chief scientist of Baidu, has raised $57 million from buyers for his start-up, Landing AI, at an undisclosed valuation.
Founded in Palo Alto in 2017, Landing AI is targeted on bringing synthetic intelligence to manufacturing corporations. It has developed a pc imaginative and prescient instrument that producers can use to create their very own visible inspection software program.
Computer imaginative and prescient software program allows computer systems to derive significant data from digital pictures and movies. While it may be used, for instance, to assist autonomous automobiles make sense of their environment, it can be used to establish a defect on a semiconductor wafer, a scratch on a smartphone display screen or a dent in an auto element.
Landing AI competes with the likes of San Mateo-headquartered Chooch.ai.
“We build tools that make it fast and easy for manufacturers to build and deploy successful AI systems,” Ng instructed CNBC, including that he needs to take AI to different industries and past shopper web platforms like Google and Baidu.
“We read in the news and hear the PR buzz about AI supposedly transforming a lot of things,” mentioned Ng, a former professor of laptop science at Stanford University.
“To me, I’m not seeing much of this realized yet. There’s tons of proof of concept, tons of PR, but frankly when I walk around manufacturing plants, AI is not widely deployed.”
Landing AI’s prospects embody U.S. industrial instruments maker Stanley Black & Decker and Taiwanese electronics producer Foxconn.
In a short testimony on Landing AI’s web site, Andrew Liou, Foxconn’s government vice chairman, says that Landing’s AI has shortened Foxconn’s improvement time and elevated the accuracy of its AI system.
The sum of money flowing into AI start-ups has been rising steadily over the past decade. Venture capital evaluation agency Dealroom predicts that buyers will pump round $90 billion into AI start-ups this 12 months, up from round $60 billion in 2020.
Intel Capital and Samsung Catalyst Fund each participated in Landing AI’s collection A funding spherical, as did Insight Partners and the Canadian Pension Plan Investment Board. The funding was led by McRock Capital.
George Mathew, managing director at Insight Partners, mentioned in an announcement that “digital modernization of manufacturing is rapidly growing,” including that it’s anticipated to be a $300 billion market by 2023.
“The opportunity and need for Landing AI is only exploding,” Matthew mentioned. “It will unlock the untapped segment of targeted machine vision projects addressing quality, efficiency and output. We’re looking forward to playing a role in the next phase of Landing AI’s exciting journey.”
Ng mentioned he plans to make use of the funding to try to “make everything go faster.” That includes doubling the group from 75 to round 150, whereas additionally bringing on new prospects, he defined.