Andrew Ng, the founder and CEO of Touchdown AI.
MARK RALSTON | AFP | Getty Photographs
Synthetic intelligence pioneer Andrew Ng, the founding father of the Google Mind analysis lab and the previous chief scientist of Baidu, has raised $57 million from buyers for his start-up, Touchdown AI, at an undisclosed valuation.
Based in Palo Alto in 2017, Touchdown AI is concentrated on bringing synthetic intelligence to manufacturing corporations. It has developed a pc imaginative and prescient software that producers can use to create their very own visible inspection software program.
Laptop imaginative and prescient software program allows computer systems to derive significant data from digital photographs and movies. Whereas it may be used, for instance, to assist autonomous automobiles make sense of their environment, it can be used to determine a defect on a semiconductor wafer, a scratch on a smartphone display screen or a dent in an auto part.
Touchdown AI competes with the likes of Palo Alto-headquartered Instrumental and San Mateo-headquartered Chooch.ai.
“We construct instruments that make it quick and straightforward for producers to construct and deploy profitable AI programs,” Ng advised CNBC, including that he desires to take AI to different industries and past shopper web platforms like Google and Baidu.
“We learn within the information and listen to the PR buzz about AI supposedly remodeling loads of issues,” mentioned Ng, a former professor of laptop science at Stanford College.
“To me, I am not seeing a lot of this realized but. There’s tons of proof of idea, tons of PR, however frankly after I stroll round manufacturing crops, AI is just not extensively deployed.”
Touchdown AI’s prospects embrace U.S. industrial instruments maker Stanley Black & Decker and Taiwanese electronics producer Foxconn.
In a quick testimony on Touchdown AI’s web site, Andrew Liou, Foxconn’s govt vp, says that Touchdown’s AI has shortened Foxconn’s improvement time and elevated the accuracy of its AI system.
The sum of money flowing into AI start-ups has been rising steadily over the past decade. Enterprise capital evaluation agency Dealroom predicts that buyers will pump round $90 billion into AI start-ups this yr, up from round $60 billion in 2020.
Intel Capital and Samsung Catalyst Fund each participated in Touchdown AI’s sequence A funding spherical, as did Perception Companions and the Canadian Pension Plan Funding Board. The funding was led by McRock Capital.
George Mathew, managing director at Perception Companions, mentioned in an announcement that “digital modernization of producing is quickly rising,” including that it’s anticipated to be a $300 billion market by 2023.
“The chance and wish for Touchdown AI is just exploding,” Matthew mentioned. “It would unlock the untapped section of focused machine imaginative and prescient initiatives addressing high quality, effectivity and output. We’re wanting ahead to enjoying a task within the subsequent section of Touchdown AI’s thrilling journey.”
Ng mentioned he plans to make use of the funding to try to “make every part go sooner.” That entails doubling the staff from 75 to round 150, whereas additionally bringing on new prospects, he defined.