SuaLab, an Artificial Intelligence Korean startup, announced on the April 10th that it has attracted 19 billion won (about US$16.2 million) worth of investments in Series C in a takeover of RCPS. With the latest investment bid, SuaLab recorded 31.4 billion won (about US$27.4 million) in accumulated investment. It is the largest AI startup industry in South Korea.
Stone Bridge Ventures, SoftBank Ventures, DS Asset Management, Intervest and Intops Investment participated in the investment. Stone Bridge Ventures and Intervest also participated in this investment following investments in series A and B.
Based on three key technologies: Artificial Intelligence, Machine Vision, and Supercomputing, SuaLab is providing unmanned inspection solutions to the manufacturing sector. It has received attention since it has increased accuracy and speed of inspection by introducing Deep Learning technology into the Machine Vision field.
In 2017 and 2018, the company also received the Innovators Awardsâ€™ and a silver prize from Vision Systems Design. It was selected as the “KGCCI Digital Innovation Part” by the Korean-German Chamber of Commerce and Industry and was also selected as the “Global Top 8 Startups in Machine Vision” by the world’s largest Machine Vision Association.
SuaKIT, a major product of SuaLab, is a software that tests product defect with deep learning technology. Not only electric and electronic industries such as displays and semiconductors but also many industrial groups.
SuaLab plans to use the investment to attract talent in the deep learning-based manufacturing machine vision market.
“We have produced meaningful results with some 100 members of SuaLab’s team. I am truly proud of it,â€ said Moon Tae-yeon, vice president of SuaLab. “We will focus more on research and development and market expansion so that all factories around the world can easily access deep learning technology.”