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The GuideNOW system provides adaptive real-time robot guidance based on AI and 3D vision. | Credit: Inbolt
Inbolt today announced that it has secured €15 million ($16.4 million U.S.) in Series A funding led by Exor Ventures with participation from MIG Capital. The Paris-based company said it will use the round to expand its operations and accelerate the development of its AI-powered 3D vision guidance technology for robots.
“Inbolt is excited to secure this new round of investment from MIG Capital, along with our other new and existing investors,” stated Rudy Cohen, CEO of Inbolt. “As demand from manufacturers continues to rise, accelerating our development and expanding our presence in Europe, the United States, and Japan is now more critical than ever.”
Inbolt won a 2023 RBR50 innovation award for its launch of GuideNow, a self-contained 3D vision servoing and real-time vision guidance system. The technology is designed to integrate easily with any industrial robot using a single Intel RealSense camera.
Inbrain uses AI to process industrial 3D vision
Inbolt said its system uses RealSense or any 3D camera, lidar, or structured light. The company said its Inbrain vision software uses artificial intelligence to process massive amounts of 3D data at high frequency to identify the position and orientation of a workpiece, adapting the robot’s trajectory in real time.
“Inbolt continues to impress industry players with its current development and future plans,” said Dr. Oliver Kahl, a principal at MIG Capital. “We are happy to further support the talented Inbolt team and have full confidence that this additional investment from distinguished new investor Exor will provide the company with the edge it needs to succeed further.”
“Until now, manufacturers have had to choose between ROI and deployment velocity of automation solutions,” noted Noam Ohana, managing director of Exor. “The ingenuity of Inbolt’s platform is to leverage 3D cameras and AI to give eyes and brains to robotic arms that were previously complex to manipulate.”
“This solution has two massive advantages,” he added. “It can be deployed in a matter of hours and at a much lower cost. What convinced us was the use of Inbolt in regions where the cost of labor made automation impossible until now, and its ease of use by less tech-savvy operators,” he added. “We are delighted to be joining Inbolt and to be able to support them in their ambition for international growth.”
Already proven in several dozen industrial sites in France, Italy, Poland, Hungary, and the U.S., Inbolt is establishing itself as a robust 3D vision provider. An initial contract with Stellantis enabled the automaker to save more than €3.1 million ($3.4 million) in one year, it claimed.
Inbolt’s customers also include Ford, Whirlpool, Thyssenkrupp Automotive, and Atlas Copco.
Inbolt ready to open U.S. office
Inbolt’s Series A funding followed a €3 million ($3.3 million) seed round in 2022, which included Exor Venture, SOSV, and BNP Paribas Développement. The company was founded in 2019 after completing a four-month pre-accelerator program at the University of California, Berkeley.
“With the diverse expertise and deep experience of our financial partners, we are strategically positioned to make strong decisions for our product evolution and global growth,” said Cohen.
Inbolt said it plans to open a new U.S. office at the end of 2024 to support its growth. The company is working to enable manufacturers to automate more operations in their factories.
It is also expanding its team. Inbolt plans to recruit around 30 new employees, tripling its workforce by the end of 2025.