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SmartMore Raised US$200 Million in Series B Funding, Emerging as a Unicorn

2021-06-22

SmartMore has completed US$200 million Series B funding, swiftly establishing itself as a unicorn enterprise. In this round of funding, both new and existing shareholders continue to show their support including the following notable firms: IDG Capital, CoStone Capital, Sequoia Capital China, Green Pine Capital Partners, Lenovo Capital, ZhenFund. Meanwhile, Hermitage Capital, Bull Capital Partners, and APlus Partners had provided their strong support to SmartMore's development through their provision of industrial resources. This round of funding will be mainly used to further cultivate the market, increase investment in R&D of products and technology, and drive large-scale implementation into more intelligent manufacturing scenarios.



Founded in December 2019, SmartMore is a pioneer of intelligent manufacturing technology company dedicated to developing a new generation of AI technology, creating integrated hardware and software products, and promoting the digitalization and intelligent upgrading of the manufacturing industry.


For AI companies with cutting-edge algorithms, the scope of application and empowerment can be wide. Therefore, it is especially important to define the parameters and to explore the possibility of successful implementation within that scope to achieve a closed-loop. Since its establishment, SmartMore chose to focus on intelligent manufacturing to realize AI industrialization and took the lead in the industry to facilitate the leap from software algorithms to software and hardware integrated products.


Currently, SmartMore has developed and produced more than 30 intelligent manufacturing software and hardware integration solutions within the fields of automobile manufacturing, consumer electronics, semiconductors, precision optics, and transportation, which have been implemented in manufacturing scenarios including aircraft, automobiles, new energy, smartphones, smart wearable, chips, precision optics, and new generation display technology, etc. More than 80% of them have been officially integrated and deployed into production lines.


SmartMore's Software and Hardware Integrated Product


For instance, in the field of automobile manufacturing, SmartMore's all-in-one AI inspection machine for bearings has been put into trial operation in the production line of a Fortune 500 auto part manufacturer in October 2020. The product has greatly shortened the inspection process of the original production line and can automatically identify 23 types of defects simultaneously, improving the efficiency of quality inspection by over 80% and increasing the inspection accuracy to nearly 100%.


For the precision optics industry, SmartMore has cooperated with global optical industry leaders to build a smart factory. After four months of material development and AI technology research, SmartMore successfully built an all-in-one machine with AI abilities for lens identification, analysis, sorting, and packaging. It is the industry's first machine that can print and read invisible QR codes on optical lenses automatically. The invisible QR codes on lenses, which are equivalent to invisible ID numbers, are not perceptible by the naked eye. SmartMore's all-in-one machine can read the "ID number" in just 0.2 seconds, meanwhile, decoding over 50 kinds of information, such as the degree, color, material manufacturer, film type, etc., so as to sort the lenses automatically and provide data basis for material traceability and sales route tracking. The product is currently used in many of the optical manufacturer's factories around the world.


As for semiconductors, SmartMore has cooperated with various enterprises, from wafer inspection to PCB inspection, then to chip process analysis, and has launched more than 10 sets of AI+ solutions and software-hardware-integrated equipment. Although the size of semiconductor products is small, the manufacturing process involved is no less complex than the construction of aircraft, containing billions of transistors within a square inch. Therefore, the precision requirements for manufacturing and inspection are very high. The traditional AOI quality inspection equipment is often labor-intensive for re-inspection after the initial round of inspection due to the high misjudgment rate, which seriously affects the production efficiency. Thanks to the strong algorithm capability accumulated by the team in the field of vision AI for many years, SmartMore can achieve rapid analysis, identification, and judgment of multiple defect types, with its accuracy rate recently reaching 99.99%, which can achieve closed-loop control from equipment process optimization to product quality improvement.


In addition to intelligent manufacturing software and hardware integration equipment, in just one and a half years of its establishment, SmartMore has launched multiple software and hardware products, such as an industrial AI platform, SMore ViMo; a series of intelligent code scanners, SMore ViScanner; a smart camera, SMore ViNeo; an intelligent industrial imaging system, etc. SmartMore's complete AI intelligent manufacturing system has served more than 100 top enterprises such as Carl Zeiss, Airbus, Bosch, Canon, Schaeffler, P&G, Unilever, etc.


In the future, SmartMore will continue to use its proprietary new-generation AI system architecture and automated hardware capabilities to further promote the intelligent transformation of traditional manufacturing industries through the integration of AI technology and manufacturing industries, and to create a bright future of intelligent manufacturing together with partners.

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