2024-09-19
Inbolt's AI-powered vision Guidance secures €15 Million in series A funding
In a world where industrial automation is rapidly evolving, Inbolt, a Paris-based innovator in robotic vision technology, has just taken a significant leap forward. The company announced today that it has secured €15 million ($16.4 million U.S.) in Series A funding, marking a pivotal moment in its mission to revolutionize how robots interact with their environment.
Led by Exor Ventures and with participation from MIG Capital, this substantial investment underscores the growing recognition of Inbolt's potential to transform manufacturing processes across the globe. The funding round comes at a crucial time, as demand for advanced automation solutions continues to surge in industries ranging from automotive to consumer electronics.
At the heart of Inbolt's innovation is the GuideNOW system, a groundbreaking technology that earned the company a prestigious 2023 RBR50 innovation award. This self-contained 3D vision servoing and real-time vision guidance system represents a quantum leap in robotic capabilities, offering a level of adaptability and precision previously unseen in industrial settings.
What sets GuideNOW apart is its remarkable versatility and ease of integration. Designed to work seamlessly with any industrial robot using a single Intel RealSense camera, the system breaks down traditional barriers to automation adoption. This accessibility is a game-changer for manufacturers who have long grappled with the complexities and costs associated with implementing advanced robotic systems.
But Inbolt's innovation doesn't stop at hardware compatibility. The company's Inbrain vision software leverages the power of artificial intelligence to process vast amounts of 3D data at high frequencies. This capability allows robots to identify the position and orientation of workpieces with unprecedented accuracy, adapting their trajectories in real-time to ensure optimal performance.
Dr. Oliver Kahl, a principal at MIG Capital, expressed his enthusiasm for Inbolt's progress, stating, "Inbolt continues to impress industry players with its current development and future plans. We are happy to further support the talented Inbolt team and have full confidence that this additional investment from distinguished new investor Exor will provide the company with the edge it needs to succeed further."
The significance of Inbolt's technology in the current manufacturing landscape cannot be overstated. As Noam Ohana, managing director of Exor, pointed out, "Until now, manufacturers have had to choose between ROI and deployment velocity of automation solutions." Inbolt's platform, however, breaks this trade-off by leveraging 3D cameras and AI to give "eyes and brains" to robotic arms that were previously complex to manipulate.
This innovative approach brings two massive advantages to the table. First, it dramatically reduces deployment time, with systems that can be up and running in a matter of hours. Second, it significantly lowers the cost barrier, making advanced automation accessible to a broader range of manufacturers, including those in regions where labor costs previously made automation economically unfeasible.
The real-world impact of Inbolt's technology is already being felt across industries. With deployments in several dozen industrial sites spanning France, Italy, Poland, Hungary, and the U.S., the company is rapidly establishing itself as a robust 3D vision provider. A testament to its effectiveness, an initial contract with Stellantis enabled the automaker to save more than €3.1 million ($3.4 million) in just one year. This impressive roster of clients, which includes industry giants like Ford, Whirlpool, Thyssenkrupp Automotive, and Atlas Copco, speaks volumes about the trust and value Inbolt has garnered in a short time.
Rudy Cohen, CEO of Inbolt, expressed his excitement about the new funding round, stating, "Inbolt is excited to secure this new round of investment from MIG Capital, along with our other new and existing investors. As demand from manufacturers continues to rise, accelerating our development and expanding our presence in Europe, the United States, and Japan is now more critical than ever."
This Series A funding follows a €3 million ($3.3 million) seed round in 2022, which included support from Exor Venture, SOSV, and BNP Paribas Développement. The rapid succession of funding rounds reflects the growing confidence in Inbolt's vision and the pressing need for its technology in the manufacturing sector.
Looking ahead, Inbolt has ambitious plans for expansion. The company aims to open a new U.S. office by the end of 2024, a strategic move to support its growth and better serve its expanding North American client base. This international expansion is coupled with an aggressive recruitment drive, with plans to triple its workforce by the end of 2025, adding around 30 new employees to its team.
The implications of Inbolt's technology extend far beyond mere efficiency gains. By enabling manufacturers to automate more operations in their factories, Inbolt is helping to reshape the future of manufacturing. This could lead to more resilient supply chains, improved product quality, and the ability to bring production closer to end markets – a trend that has gained significant momentum in recent years.
Moreover, the accessibility of Inbolt's technology could democratize advanced manufacturing capabilities, allowing smaller companies to compete more effectively with larger corporations. This leveling of the playing field could spur innovation and drive economic growth across various sectors and regions.
As we look to the future, it's clear that Inbolt's AI-powered vision guidance technology represents more than just an incremental improvement in industrial robotics. It's a paradigm shift that has the potential to redefine how we think about automation, manufacturing, and the relationship between humans and machines in industrial settings.
The journey of Inbolt, from its inception in a four-month pre-accelerator program at the University of California, Berkeley in 2019, to its current position as a leader in robotic vision technology, is a testament to the power of innovation and the importance of strategic investment in cutting-edge technologies.
As Inbolt continues to grow and evolve, its impact on the manufacturing landscape is likely to be profound and far-reaching. With its robust technology, strong financial backing, and clear vision for the future, Inbolt is well-positioned to play a pivotal role in shaping the factories of tomorrow – smarter, more efficient, and more adaptable than ever before.
In an era where adaptability and efficiency are paramount, Inbolt's vision-guided future for industrial robots isn't just an innovation – it's a necessity. As the company embarks on this new chapter of growth and expansion, the industrial world watches with keen interest, ready to embrace the transformative power of AI-driven robotic vision.
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