NeuroBot, a low-code machine vision development platform provider, announced on Wednesday the closing of its Series A round of funding, featuring investment exclusively from Susquehanna International Group (SIG). The funds are mainly to be used for product updates, technological advancements and marketing promotions. NeuroBot was previously invested in by Korean Investment Partners (KIP), Plug and Play (PNP) and other well-known institutions.
NeuroBot was established in 2018, and has since brought about a low-code development platform for machine vision. The firm adheres to a product concept it calls “0 Code, 0 Threshold, 0 Hardware, 0 Cost” to empower teams of engineers and facilitate the extensive application of machine vision.
In 2020, it launched a low-code development platform for machine vision. This product includes deep learning algorithms, 2D/3D vision, SaaS tools and a PaaS function, and has developed a complete chain of development tools for image acquisition, image annotation, algorithm development, algorithm packaging and application integration. It contains more than 100 development tools.
Mi Baotong, CEO of NeuroBot, stated that the low-code development platform boosts development efficiency by more than 10 times for thousands of application scenarios in traditional industries, and slashes the development threshold for vision, software, electrical and structural engineers.
According to AIA, after more than 40 years of development, machine vision is currently adopted by only 5% of all potential users. The global market, at its full potential, could reach $120 billion.
Applying machine vision requires strong technical integration and teamwork. Hardware requirements include a camera, lens, light source, industrial control machine, GPU selection and field deployment, and software includes 2D vision, 3D vision and deep learning algorithms.
NeuroBot has formulated its product concept based on the following proposition: As the Chinese manufacturing industry is very fragmented and demand is strong, NeuroBot accumulates abundant industry data and provides users with universal developer tool-based products to reduce development cost, thus applying machine vision to many thousands of segmented scenarios.
As of December 2021, NeuralBot acquired tens of thousands of customers, growing at an annual rate of 600% in terms of total customers and 300% in terms of paying customers. Additionally, the company has released an international version of its machine vision low-code development platform and is now tapping into overseas users. In 2022, NeuralBot aims to further expand its product tool count and user base.