IOI
Andrew Ng, the founder of Google’s Brain research division, has acquired $57 million in Series A funding for his business, Landing AI, headed by McRock Capital, the first investment firm dedicated only to the Industrial Internet of Things.
Andrew Ng’s firm provides tools to enable developing and implementing AI systems in manufacturing which are more efficient and effective.
“I’m ecstatic to announce that LANDING AI has raised $57 million in Series A funding for our Data-centric MLOps platform for computer vision.” Industrial AI requires a different approach than that used by Internet enterprises. In a blog post, Andrew Ng, Founder & CEO of Landing AI, stated, “It’s time to make cutting-edge AI quick and accessible for anybody to use.”
The additional funding will be used to speed up product development and expand Landing AI’s technical and operational teams, which include engineering, product, sales, and marketing.
Insight Partners, a New York-based global private equity and venture capital firm, Taiwania Capital, Canada Pension Plan Investment Board (CPP Investments), Intel Capital, Samsung Catalyst Fund, Far Eastern Group’s DRIVE Catalyst, Walsin Lihwa, and AI Fund were also among the investors in the round.
Landing AI, founded by artificial intelligence visionary Andrew Ng, created LandingLensTM, an enterprise MLOps platform that is quick and simple to use. It uses artificial intelligence (AI) and deep learning to assist manufacturers in resolving visual inspection issues, detecting product faults more reliably, and generating commercial value.
“To win with AI, you don’t always need large data.” “You need solid data to teach AI what you want it to learn,” Ng explained. “When you only have 50 data points, AI created for 50 million data points doesn’t function.” The next phase of AI will have a real-world influence on all businesses by delivering machine learning to everyone, regardless of the size of their data collection.”
“One firm, one facility, and one production line at a time, Landing AI will unleash the power of the Industrial IoT,” stated Scott MacDonald, Co-Founder and Managing Partner of McRock Capital. “We work with tenacious entrepreneurs like Andrew who are bringing transformational digital solutions to major industrial markets.” MacDonald has joined the Landing AI Board of Directors as part of the funding.
Landing AI’s data-centric approach is also crucial to make LandingLens quick and simple to use. Manufacturers can efficiently train an AI model what to perform by using the data engineering process rather than AI software. Domain specialists, not simply AI experts, may now construct and deploy AI systems. A domain expert, for example, can train a neural network with a few mouse clicks rather than writing pages of code.
This data-centric platform with no code/low code allows novice users to develop complex AI models in less than a day. With LandingLens, vision inspection tasks that used to take months may now be completed in weeks.
