Beijing-based industrial automation startup Sigma Squares Tech raised tens of millions of dollars in a Series A round from investors including V Fund and Insight Capital. Buoyed by demand for automation due to the pandemic, the startup’s business has grown by nearly three times in the last year, according to CEO Cai Zhonglun.
Founded in June 2018, the startup focuses on cloud-based computer vision applications to complete product inspections in industrial manufacturing. Sigma Squares Tech has customized its intelligent optical imaging systems for a variety of sectors, including medical equipment and supplies, textiles, and electronics.
In addition to spotting defects during the manufacturing process, Sigma Squares’ solutions gather and track visual data to provide feedback and analysis on how to optimize product quality. “We believe that by deploying more visual inspection terminals, we can collect enough data to use AI and other data analysis methods to provide early warnings and other feedback for companies to improve their manufacturing processes and increase production capacity and efficiency,” Cai said.
The company currently collaborates with contact lens makers throughout China and Southeast Asia, where its standard solutions can scan around 3,000 lenses per hour, while a more advanced version can check up 6,000 per hour. This technology could replace ten to 20 workers within a factory, but more importantly, according to Cai, “Our programs can be configured according to the needs of our customers. Currently, our solutions are around 80% standardized, so there is still room for customization.”
“Sigma Squares Tech’s deep penetration into areas like contact lenses and other medical consumables has caught the attention of industry leaders. We are optimistic about the company’s potential to replicate this success across other sectors, and believe firmly in its future development prospects,” said Zhu Feng, a partner at V Fund.
36Kr Connection features translated and adapted content published by 36Kr. This article was originally written by Ru Qing for 36Kr.