SwitchOn, a cutting-edge Vision AI company, today announced that it has secured Series-A funding of USD $4.2 Million led by a Singapore-based fund, Axilor Ventures, Pi Ventures, and prominent angels such as Anuj Bihani, Laxmi Narayan, and others. This investment will allow SwitchOn to continue its rapid growth in India, scale internationally with large enterprises, make key hires in Sales and Technology, and invest in research and development.
SwitchOn's unique AI system helps manufacturing industries reduce defects and improve product quality. Leading manufacturing customers like Unilever, ITC, SKF, and others have integrated the cutting-edge SwitchOn platform to train deep-learning quality control models within hours. SwitchOn's DeepInspect helps manufacturers identify complex surface defects quickly and achieve superhuman accuracy of over 99%+. The quick setup uses less than 200 good images to train AI models and enables manufacturers to adopt and completely automate their quality inspection and deploy hundreds of SKUs within days.
While manufacturing companies globally employ more than 25% of their workforce on quality inspection alone, they still face over 50 customer complaints per plant every year, leading to spending of over $6.5 billion in brand reputation impact, product wastage, and losses.
"We believe that we have stabilized AI to the point where single-day trials and single-week deployments are finally a reality. We are thrilled to have the support of investors who understand the Industrial B2B SaaS space as we continue to make Zero-Defect a reality for the manufacturing industry," said Aniruddha Banerjee, Co-Founder, SwitchOn.
"Over the last 4 years, SwitchOn has scaled with multiple Fortune 500 customers globally, by leveraging their innovative AI technology to deliver Zero-Defect to manufacturing. SwitchOn has unlocked the inspection of complex use cases in automotive parts, consumer goods, and pharmaceuticals which shows the robustness and scalability of the platform. Since Day 1, we have been extremely impressed by Aniruddha, Avra, and the entire team at SwitchOn, and are excited to continue supporting them as they build a world-leading Vision AI Company from India " said Shubham Sandeep, Managing Director at Pi Ventures.
Nandan Venkatachalam, from Axilor, added "We have seen SwitchOn's focus on the 'Zero Defect Manufacturing' evolve from strength to strength since our first investment in 2018. With defects remaining the single largest cost leakage for manufacturing units, there has been a strong need to use AI-driven solutions to remove manufacturing level defects".
"Our proprietary deep learning-based algorithms can adapt with minimal domain data to provide highly accurate, high-speed defect detection. With this funding, we plan to expand our technology and R&D teams and focus on unlocking never-before-solved use cases in manufacturing" said Avra Banerjee, Co-Founder, SwitchOn.
SwitchOn DeepInspect was launched in 2020 by Aniruddha (ex-Nvidia, ex-Samsung) and Avra (ex-Schneider, ex-Team Indus) with the vision of eliminating defects in Manufacturing. SwitchOn helps precision manufacturing Industries drastically reduce their manufacturing defects through the use of a one-of-a-kind field-trainable AI system.
Leading global manufacturers such as SKF, ITC, Unilever, and others are using the SwitchOn platform to give quality superpowers to their Inspectors and ensure zero defects in their plants.
Weekly Startup Funding News Report For 25 October - 29 October 2024 (Latest Updates)
Weekly Funding Roundup - We compile a Weekly Startups Funding News Report summarizing all the startups that secured funding during the week. This report provides a consolidated list of newly funded ventures daywise.
Weekly Funding Roundup - We compile a weekly startups funding news report summarizing all the startups that secured funding during the week. This report provides a consolidated list of these newly funded ventures day-wise, offering a concise overview of the latest developments in the startup funding landscape. Get allIndian statups news at Viestoires.
Weekly Startups Funding News [25 October 2024 - 29 October 2024]
Althion Funding News - Althion has Secured Rs 3.6 crore in Pre-Series A Round Funding
Trisu Funding News - A pre-seed funding round, which was co-led by All In Capital, has secured an undisclosed quantity of investment for the vermeil jewelry brand Trisu.
GameEon Funding News - GameEon, a game development studio, has raised $1 million in its most recent funding round, which was co-led by SucSEED Indovation Fund, ICE VC, IAN, CD EQUIFINANCE, Nexus Global Opportunities Fund, Vivek Goel, Patni Family, Tal64.
Wundrsight Funding News - Wundrsight, a digital therapeutics startup, has secured $400K in its seed round, which was led by Inflection Point Ventures. Social Alpha, in conjunction with other angel investors, has also participated in the round.
Dharaksha Ecosolutions Funding News - Dharaksha Ecosolutions, a biotech-driven R&D start-up, has secured Rs 24.8 crore (approximately $2.95 million) in a Seed funding round sponsored by Avaana Capital.
Futwork Funding News - In its Series A round, which was led by the Michael & Susan Dell Foundation and included Artha Ventures, Simile Capital, and other investors, sales outreach platform Futwork has raised Rs 20.9 crore, about $2.5 million.
Centricity Funding News - In a seed round, Lightspeed and returning investors Burman Family Office and Shantanu Agarwal, among others, led the investment in wealth management startup Centricity, which raised $20 million at a valuation of $125 million.
11 September 2024 - Funding News
Zivy Funding News - Zivy, an AI tool that prioritizes workplace messages and duties, has secured $1.2 million in a pre-seed funding round co-led by Blume Ventures, Paradigm Shift Capital, iSeed, Everywhere Ventures, Indian Silicon Valley, and Marsshot Ventures.
Mitra Funding News - A strategic family office based in Dubai and Bestvantage Investments led the Pre-Series A fundraising round for D2C FMCG firm Mitra, which raised INR 11 Cr ($1.3 Mn).
InMobi Funding News - MARS Growth Capital, a joint venture between MUFG and Liquidity Group, has provided $100 million in debt financing to InMobi, a provider of mobile advertising network software.
Track3D Funding News - Track3D, an AI reality intelligence platform for the construction industry, announced that it had secured $4.3 million in seed funding. The funding was led by Endiya Partners, with participation from Shadow Ventures and Monta Vista Capital.
Flexiloans Funding News - In an equity funding round led by American not-for-profit fund Accion, US asset management firm Nuveen, and Nandan Nilekani-backed venture fund Fundamentum, Mumbai-based digital lending startup Flexiloans has secured Rs 290 crore (approximately $35 million).
10 September 2024 - Funding News
Crackle Technologies Funding News - Crackle Technologies, an adtech startup, has secured $1.7 million (approximately INR 14 crore) in a pre-seed funding round that was jointly headed by We Founder Circle and AC Ventures.
Supersquad Funding News - Supersquad, a startup that specializes in creator monetization, has secured Rs 2.1 crore in a funding round that was spearheaded by WLDD. Nitin Rajput and Jivraj Singh Sachar, angel investors, also contributed to the round.
AppsForBharat Funding News - AppsForBharat, the parent company of the devotional app Sri Mandir, has secured $17.8 million in its Series B funding round, which was led by Fundamentum.
Arnya Real Estate Funding News - Arnya Realestates Fund Advisors, an alternative investment management firm, has successfully closed the first close of its Rs 1,000-crore maiden debt fund, raising Rs 375 crore.
9 September 2024 - Funding News
Transcell Biologics Funding News - Quantiphi and IAN Group, both of Boston, have invested an undisclosed sum in Transcell Biologics, a biotechnology company.
2 September 2024 Monday - Latest Funding News in India
Mintifi Funding News- Mintifi a B2B digital lending startup, is reportedly in discussions to secure $100 million in a new funding round.
Clean Electric Funding News - Clean Electric, an energy storage solutions startup, has secured Rs 48.5 crore (approximately $6 million) in funding from both new and existing investors.
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