AI Vision Inspection Startup Lincode Raises Seed Fund From US Institutional Investors ·
The capital will be utilised for product development, sales and marketing, business expansion and patent-filing.
Lincode Labs, an AI-backed visual inspection startup, announced a fundraise from Come Back Capital, founded by Scott Shane and RSCM LLC, founded by David Lambert. The startup raised additional funds from angel investment led by The Einfach Group, founded by Pratap Krishna. Lincode Labs utilized the institutional funds for product development, research & development, sales and marketing activities. The angel investment will be deployed for patent-filing and business expansion.
Rajesh said: “We've made great progress over the past year as evidenced by the platform's consistent growth. This round of financing will be instrumental as we continue to invest in our products and customer acquisitions in order to further fuel our growth.’’ Rajesh noted that quality management is a major business challenge that manufacturers face. As new products continue to enter the market and consumer expectations shift faster than ever, factories are looking to improve their quality systems.
Lincode’s patent-pending technology integrates machine learning and factory automation to enable manufacturers to identify, predict, and eliminate product defects. The solution is a combination of complex algorithms, deep learning models, and synthetic data sets. It identifies defects faster and with greater accuracy than traditional vision systems.
Rajesh, who had three, successful exits from manufacturing technology companies said, “We enable manufacturers to automate visual inspection and improve overall equipment effectiveness (OEE) by identifying defects using deep learning models and AI-backed computer vision. This enhances the accuracy of surface defect detection with greater precision, and effortlessly integrates with existing manufacturing facilities.”
Rajesh envisions a dynamic future for Lincode Labs. He said: “We want to make smart manufacturing lean and accessible to the MSMEs. We are also looking to enable seamless autonomous manufacturing and make ‘work from home’ easy and convenient for employees in the post-COVID-19 world.”
Pratap Krishna, Serial Entrepreneur and Angel Investor, The Einfach Group said: “We are excited to partner with Lincode Labs. The startup is doing an incredible job in empowering smart manufacturing with a powerful AI and IoT solutions. They are constantly challenging the status quo to deliver solutions previously considered unattainable. We are certain that Lincode’s AI vision inspection will soon find its niche in the manufacturing industry.”
Scott Shane, Founder and CEO, Come Back Capital said: “Lincode’s ability to leverage best-in-class technology processes and deep tech industry expertise has enabled it to create a niche in the AI space. We are thrilled to invest in this partnership; Lincode has a dynamic management team and will prove to be a high-growth company.”
Lincode Labs has also designed SMAARC (Smart Manufacturing, AI, AR, and Robotics Consortium), an ecosystem of industrial partners, to scale-up the future of manufacturing technology and innovation.
Lincode is dedicatedly working towards providing unique, compact, and robust AI & Industrial IoT solutions to proliferate the profitability and overall operational efficiency of the manufacturing companies.
The startup is also continuously augmenting its R&D efforts to address the challenges faced by manufacturers. It is looking to further expand its patent portfolio as it develops new products and technologies.
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