Elementary level, an artificial intelligence machine vision company, has closed $ 30 million in Series B funding to continue development of its manufacturing quality and inspection tools.
We last portrayed the Pasadena-based company last June when it was Raised $ 12.7 million in a financing round led by Threshold Ventures. Elementary’s tools allow customers to create no-code inspection routines and train models to inspect produced goods, parts, and assemblies that previously could not be manually inspected in a repeatable and scalable manner.
With the latest funding, Threshold is back and is joining a group led by Tiger Global with other existing investors including Fika Ventures, Fathom Capital, Riot VC and Toyota Ventures. In total, the company raised $ 47.5 million.
“Elementary’s quick-to-deploy hardware and machine vision software power modern factories,” said Mo Islam, Elementary board director and partner at Threshold Ventures, via email. “I am very pleased to welcome Tiger Global as a new partner for the company, as they are scaling up their use with numerous customers in the areas of manufacturing, consumer goods and logistics.”
Meanwhile, Elementary Founder and CEO Arye Barnehama stated via email that customer demand and market timing were the driving forces behind the company in seeking new financing. To date, over 250 million inspections have been carried out, he said.
In the past year, the company has increased the number of its Tier 1 corporate customers tenfold. At the same time, the Elementary team doubled its headcount and completed its executive suite with the hiring of Milind Karnik as Vice President of Engineering, Monique Apter, Vice President of Sales, Krishna Gopalakrishnan, Senior Director of Vision and Platform, and Greg McEntyre, Vice President of Implementation.
Barnehama intends to use the new financing to expand Elementary’s customer base worldwide. He also plans to double the company’s workforce over the next year by adding engineering, sales, implementation and customer success teams. The company will also invest in technology development for additional AI inspection capabilities, as well as cloud analysis and reporting.
“During the pandemic, there was a major labor shortage in manufacturing and logistics that started before the pandemic but has increased significantly,” said Barnehama. “As companies continue to want to automate without relying on expensive and hard-to-find engineers, our business has scaled because we can offer them AI solutions without code. Overall, we enable our customers to move quickly and easily towards Industry 4.0 cloud initiatives and quality / sustainability initiatives. “