Lincode, a leading AI visual inspection company, has closed another round of funding.
Founded by Rajesh Iyengar, and Ritika Nigam, Lincode enables manufacturers to identify surface defects, identify and measure individual components, and generate real-time data about products on the production line through its flagship industry 4.0 solution, the Lincode Visual Inspection System (LIVIS).
Rajesh Iyengar, Founder and CEO, said, “The automotive industry has shown an impressive adoption of manufacturing technologies. The manufacturers are not hesitant to deploy technology or a solution that they know will bring them high ROI. For instance, our AI-backed visual inspection solution has made the inspection of the production lines much more efficient than the traditional vision systems. The manufacturers have seen a drastic difference with our solution.”
Ritika Nigam, Co-founder and CTO, said, “The manufacturers see that microscopic surface defects were detected with the highest precision and accuracy within the established cycle times and now we have seen an ever-growing demand amongst the automotive manufacturers. I certainly believe the industry is now more than ready to invest in manufacturing technologies. The future of smart automotive manufacturing is very promising.”
Shekhar Kirani from Accel said, “We are excited about how Lincode is taking industry 4.0 to the next level, leveraging AI/ML 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.”
K C Chea of Tech Coast Angels, San Diego: “The Lincode computer vision technology is very promising for the automotive industry and manufacturing in general. The solution will deliver higher quality products at a lower cost. We invested in Lincode because we believe Lincode is the future as customers demand zero defects. ”
The automotive industry is witnessing a bullish trend and has been adopting smart manufacturing to a great extent. The industry is making large investments in smart technologies such as AI, IIoT, Automation, Big data, 5G, etc. to streamline and scale up the automotive manufacturing process for higher efficiency and production capacity.
By the end of 2022, automotive manufacturers expect that some 24 percent of their plants will be smart factories,and 49 percent of automakers have already invested more than $250 million in smart factories. However, only a few automotive manufacturers have translated this enthusiasm into real progress – some 42 percent of smart factory initiatives are struggling and the digital maturity of their manufacturing operations is below par.
