US and Bengaluru-based Lincode Labs Inc, an AI-backed visual inspection startup, on Tuesday announced that it has raised seed funding from Come Back Capital and RSCM LLC. The startup also received additional funds through angel investment led by The Enfich Group.
Lincode Labs said it plans to utilise the institutional funds for product development, research and development, sales and marketing activities. The angel investment will be deployed for patent-filing and business expansion.
Co-founder and CEO Rajesh Iyengar said,
“We’ve made great progress over the past one year as evidenced by the platform’s consistent growth. This round of financing will be instrumental as we continue to invest in our products and customer acquisitions in order to further fuel our growth.’’
Founded in 2017 by Rajesh Iyengar, CEO, and Ritika Nigam, CTO, Lincode is an artificial intelligence (AI), machine learning (ML), and deep learning company enabling manufacturers to inspect the quality of the products they produce and improve the overall efficiency using computer vision.
Lincode’s patent-pending technology integrates ML and factory automation to enable manufacturers to identify, predict, and eliminate product defects. The solution is a combination of complex algorithms, deep learning models, and synthetic data sets. It claims to identify defects faster and with greater accuracy than traditional vision systems.
Scott Shane, Founder and CEO, Come Back Capital added,
“Lincode’s ability to leverage best-in-class technology processes and deep tech industry expertise has enabled it to create a niche in the AI space. We are thrilled to invest in this partnership; Lincode has a dynamic management team and will prove to be a high-growth company.”
Lincode Labs has also designed SMAARC (Smart Manufacturing, AI, AR, and Robotics Consortium), an ecosystem of industrial partners, to scale-up the future of manufacturing technology and innovation.
The startup is also continuously augmenting its R&D efforts to address the challenges faced by manufacturers. It is looking to further expand its patent portfolio as it develops new products and technologies.
Pratap Krishna, serial entrepreneur and angel investor, The Enfich Group shared,
“The startup is doing an incredible job in empowering smart manufacturing with powerful AI and IoT solutions. They are constantly challenging the status quo to deliver solutions previously considered unattainable. We are certain that Lincode’s AI vision inspection will soon find its niche in the manufacturing industry.”
Lincode Labs has a presence in India, US, and Europe with a client base of about 40 clients globally across automotive, electronics, pharmaceutical, polymer, and metal industries.
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