Industrial tech startup EthonAI has just picked up about €6.3 million ($6.8 million) for its platform capable of improving manufacturing quality at scale. The Zurich-based team now plans to expand, helping more manufacturers manage quality control.
For manufacturers, poor quality makes up a reported 20% of sales revenue, risks reputation, and has environmental consequences. Being able to spot defects and quality issues early means that customers are happier, fewer products (and money) are wasted, and a brand’s reputation is strengthened. To go one step further, brands shouldn’t just have a reactionary approach, simply reacting to defects when they’re found. Rather, they should proactively identify what the problem has been, troubleshoot it, and, avoid future mistakes.
Armed with a mission to do this is Zurich-based EthonAI. The startup, which is a spin-off from ETH Zurich, has just secured new funding to scale.
- €6.3 million ($6.8 million) raised in a seed round
- The funding was led by Earlybird VC and La Famiglia
- Existing investors Wingman and Acequia Capital also participated.
Earlybird Partner Dr. Andre Retterath: “EthonAI’s hardware-independent and easy-to-deploy solution creates a completely new level of transparency for product quality across processes and factories. Their holistic approach has the potential to revolutionize the way manufacturers manage quality and we are glad to back the team on their mission.”
Founded in 2021, EthonAI’s software helps manufacturers boost performance by detecting, monitoring, and preventing quality losses at scale.
The platform collects process and quality data into one single platform. Manufacturers then get full oversight, and, can use EthonAI’s AI tools to analyze and improve the quality of their products and processes.
Currently, the SaaS tool offers a suite of software tools for vision-based defect detection, process monitoring, and root cause analysis without process engineers and quality managers writing a single line of code. The Zurich-based team claims that current users, which include the likes of Siemens, Roche, and Lindt & Sprüngli, have enjoyed significant increases in productivity and over 50% reduction in quality losses. As a result, users have had improved financial performance and a reduced environmental impact.
Alexander Dierolf, Head of the IT Value Center Data Intelligence & Automation at Siemens SI: “At Siemens, we are always looking for ways to improve the efficiency of our manufacturing processes. EthonAI’s tools impressed us because of their ease of use and scalability. We already use them in multiple Siemens factories in Europe and the US—and are currently scaling the EthonAI platform to other sites.”
Now, with this new funding boost, the startup will further develop its proprietary tech and bring its product suite to a wider market.
EthonAI CEO Dr. Julian Senoner: “We are thrilled to have the support of Earlybird and La Famiglia as we continue to grow and expand our product platform. With this funding, we can bring our tools to more manufacturers globally and invest in the development of new features such as simulation based on causal machine learning.”
La Famiglia Partner Judith Dada: “Quality management is a critical concern for manufacturers of all size. After having looked at dozens of companies in the space, we finally got convinced that the team behind EthonAI has what it takes to win this market. We believe that EthonAI’s tools can help companies improve efficiency, reduce costs, and ultimately produce higher quality products. We are excited to be a part of the company’s journey as it continues to grow and succeed.”