Quality Control European Computer Vision Startup Covision Quality Launches New Suite of Visual Inspection Products
On January 25th, 2022, about twenty start-ups, selected from thousands, illustrate their product at the demo day of Alchemist, the leading B2B accelerator focused on accelerating the development of early-stage ventures that monetize from enterprises.
CB Insights rated Alchemist the top accelerator based on median funding rates of its grads (YC was #2). The accelerator’s primary screening criteria is on teams, with primacy placed on having distinctive technical co-founders. To date, Alchemist has generated USD1.2 billion by accelerating 300 startups including LaunchDarkly, Privacera, Rigetti Quantum Computing and Volans-i. Some of the funds that have invested in Alchemist companies include Accel, Andreessen Horowitz, Bessemer, Founders Fund, Greylock, Khosla, Menlo, NEA, Redpoint, and USVP.
In the shortlist of DemoDay start-ups there are only two European companies, selected from about 550. One of them is Covision Quality, developing automation software for the manufacturing industry. The product debuting on January 25th is software that automates the visual inspection process, an operation currently done largely by human operators at the end of the production line. This comes at a cost of 20 % of revenue for manufacturing companies, in an industry that is USD2.3 trillion in size just in the United States Alone. On top of it, up to 30 % of defects go unidentified. Covision Quality is solving this huge industrial problem, by leveraging the state-of-the-art in computer vision and machine learning. the software operates on a variety of surfaces from metal to plastic to textiles.
It is a spin-off of Covision Lab, a leading European R&D hub for industrial computer vision and machine learning applications. Franz Tschimben, CEO of Covision Quality, sees the company’s participation in Alchemist as "a winning strategy to increase the visibility of the company and of our software products. It allows us to establish direct connections with some of the world's largest manufacturing companies."
Ravi Belani, Founder and managing partner of Alchemist acknowledges a bright future for the European startup, saying that “Covision Quality convinced me immediately because of the triangulation of Artificial Intelligence, software and a team of professionals with deep knowledge in the world of manufacturing. We like it because it is efficient, so it reduces costs in the short term, but also because of its long-term effectiveness.”
This video shows how the software works: