Lincode Labs Inc, an artificial intelligence (AI) vision inspection startup focused on the manufacturing industry, on Tuesday said it has raised an undisclosed amount in new funding from investors including venture capital firm Accel.
Arka Venture Labs, Disruptors Capital, Nurture Ventures and Tech Coast Angels also invested as part of this round, said Lincode in a statement.
Lincode was founded in 2017 by Rajesh Iyengar and Ritika Nigam. Based in the US and India, the startup helps manufacturers to identify, predict, and eliminate product defects through its flagship industry 4.0 solution, the Lincode Visual Inspection System (LIVIS).
Co-Founder Iyengar said that the automotive industry has shown an impressive adoption of manufacturing technologies and the manufacturers are not hesitant to deploy a technology that will bring them high RoI (return on investment).
Shekhar Kirani, Partner, Accel, noted that Lincode is taking industry 4.0 to the next level, leveraging artificial intelligence/machine learning to revolutionize precision manufacturing.
"Quality inspection is a critical challenge faced by manufacturers across the industries and Lincode has an amazing IP/tech to address in multiple categories and markets. They are seeing great early success with their products across the globe," added Kirani.
The statement noted that automotive manufacturers expect 24% of their plants will be smart factories by the end of this year. It added that 49% of automakers have already invested more than $250 million in smart factories.
Prior to this funding round, Lincode had raised funds from US-based early-stage investment firms Come Back Capital and RSCM LLC in June last year.