Landing AI Secures $57M Funding for Machine Learning Tools
Landing AI Secures $57 Million Series A Funding
A little more than one year following the launch of its primary offering, Landing AI has successfully obtained $57 million in Series A funding. This investment will be utilized to further develop tools designed to streamline the creation and deployment of artificial intelligence systems for manufacturers.
LandingLens: A Visual Inspection Revolution
Founded by Andrew Ng, a prominent figure formerly with Google and Baidu AI, the company has pioneered LandingLens. This innovative tool employs AI and deep learning to accelerate and enhance the accuracy of visual product defect detection.
The Data-Centric AI Approach
Ng advocates for a data-centric methodology in AI development. This approach offers manufacturers a more efficient pathway to train AI models, leveraging no-code/low-code functionalities. Complex AI models can now be constructed with minimal effort, often achievable within a single day using just a few mouse clicks.
“We initiated the data-centric AI movement and are encouraged by the growing recognition of its importance,” Ng stated to TechCrunch. “In the manufacturing sector, each facility operates uniquely, presenting the challenge of assisting 10,000 manufacturers in building 10,000 distinct models without substantial staffing increases.”
Economic Impact of AI
A McKinsey study projects that AI will generate $13 trillion in economic value globally by 2030. However, Ng notes that a significant portion of this potential remains unrealized due to the complexities involved in developing diverse AI models.
Scaling for Growth
Landing AI believes it has found a solution to this challenge, and the Series A funding was raised to facilitate team expansion and product refinement following demonstrated market viability.
Investment Details
McRock Capital, a firm specializing in the industrial Internet of Things, spearheaded the investment. Additional participants included Insight Partners, Taiwania Capital, Canadian Pension Plan Investment Board (CPP Investments), Intel Capital, Samsung Catalyst Fund, Far Eastern Group’s DRIVE Catalyst, Walsin Lihwa, and AI Fund.
Continued Innovation in Data-Centric AI
While Landing AI has made significant progress, Ng emphasizes that the company is still in the nascent stages of the data-centric AI movement. Further advancements and technological innovations are planned.
For instance, experience building a speech recognition system with 350 million data points revealed that the same technologies are not directly applicable to manufacturing environments where image datasets for defect detection are often limited.
Addressing Data Scarcity
A key aspect of the data-centric movement involves creating tools that empower domain experts to effectively utilize smaller datasets – even fewer than 50 images – to clearly illustrate defect characteristics.
“We’ve arrived at a functional stage and are now prepared to scale our operations,” Ng explained. “For years, we’ve been dedicated to discovering the optimal approach to extend AI’s reach to other industries, and data-centric AI is proving to be the key.”
