Karlsruhe, Germany-based Daedalus, a technology company building the world’s most advanced factories using AI, announced on Thursday that it has secured $21M (approximately €19.4M) in a Series A round of funding.
The funding round was led by NGP Capital, with further participation from its existing investors, including Addition and Khosla Ventures.
The German company will use the funds to develop its proprietary Manufacturing AI Platform and scale its production facilities in Germany.
Daedalus: Redefining manufacturing with AI
Founded by former OpenAI Technical Lead Jonas Schneider, Daedalus aims to build the world’s first autonomous and instantly reconfigurable factories.
The company uses its proprietary Manufacturing AI Platform to automate the entire manufacturing process, from quoting to delivery, for high-precision and high-mix parts.
Daedalus’ production facilities utilise software to control and holistically optimise shop floor operations. Additionally, AI automates manual tasks involved in production.
This software-defined approach makes it possible to produce any new part with minimal human intervention, claims the company.
It also enables team members with minimal training to transform the mission-critical designs of their customers, from CAD to finished parts, with remarkable precision, reliability, and speed.
Jonas Schneider, Founder and CEO of Daedalus, comments, “Imagine factories that possess the collective knowledge and expertise of all engineers and machinists who have ever worked in, and can produce the most challenging parts with superhuman reliability and 10x efficiency. Daedalus is already making that vision real by revolutionizing how we build everything from microchips to critical medical components—unleashing the potential of numerous industries with our AI-powered factories that forge bespoke parts on demand.”
Currently, the company’s customers include leading semiconductor, energy, e-mobility, defense, and pharmaceutical companies, which rely on precision manufacturing for their mission-critical, high-value bespoke components.
Schneider explains, “The conversations we have with our customers paint a shocking picture of the state of precision manufacturing. Our software-driven factory has already alleviated some major pain points, but we are still only beginning our journey. While we have already outscored more than 50,000 incumbents, there is still $100B in annual demand we have not yet touched in Germany alone, and we’re seeing demand from our existing customers exceed our capacity several times over. At the same time, we see many software features we can build to improve customer experience and internal efficiency further. To address both of these opportunities, we have decided to raise this additional capital and are happy to have found a great new partner in NGP Capital, with strong support from our existing investors, Addition and Khosla.”
The company is ramping up its first 50,000 sqft factory in Germany, where it is already producing critical components for leading companies in the semiconductor, defense, energy, e-mobility, and medical sectors.
Read the orginal article: https://siliconcanals.com/news/startups/ai-startup-raises-19-4m/