Company Expands Focus on AI-Enabled Automated, In-line Inspection Powered by Thermal Imaging, Welcomes Momenta Founding Partner Ken Forster to Board
[FREDERICTON, October 7, 2024] – Eigen Innovations, a leading provider of AI-driven industrial inspection and automation solutions, has successfully closed $2.6M in its latest round of equity financing.
This new capital will accelerate the company’s growth in promoting its AI-enabled thermal inspection solutions that address the unique demands and challenges of automating in-line inspections where other solutions fall short.
“Before Eigen, our customers didn’t have a viable alternative. We’ve given them a scalable solution that delivers a considerable ROI, as well as a sustainable competitive advantage,” explains Eigen CEO Erin Barrett.
“Manufacturers that have adopted our integrated solutions are detecting issues in production, reacting in real-time and using our data to optimize their processes. And they have a searchable digital record of every inspection – all powered by AI.” Eigen CEO Erin Barrett
Addressing the Growing Demand for Thermal Inspections
For temperature-sensitive applications within manufacturing, thermal cameras provide visibility beneath the surface of the product being produced. Eigen has enhanced this value through their AI software that generates a standard view/perspective of every product. Using these standardized images – which Eigen calls a digital record – factory teams can train scalable AI inspection models to deliver a consistent inspection of every product produced.
“Manufacturers that have adopted our integrated solutions are detecting issues in production, reacting in real-time and using our data to optimize their processes,” says Barrett. “And they have a searchable digital record of every inspection – all powered by AI.”
Momenta’s Forster Joins Eigen Board
Long-time backer Momenta Ventures supported this latest financing round from its Advantech-anchored fund. Momenta is the leading Industrial Impact venture capital firm, accelerating digital innovators across energy, manufacturing, smart spaces, and supply chain. The Momenta team has long believed in the company’s vision for automated, AI-enabled inspection solutions for manufacturing.
Along with supporting this round, Momenta Founding Partner Ken Forster has joined the Eigen Board. “Momenta was an early investor in Eigen, anchoring our focus on industrial analytic solutions,“ said Forster. “I look forward to joining the board, helping accelerate the company to scale the adoption of its solutions within manufacturing.”
Jeff White, CEO of New Brunswick Innovation Foundation (NBIF), also joined Eigen’s board earlier this year and played a pivotal role in helping Eigen raise this round. “From the start, we recognized the incredible potential Eigen Innovations holds. The company’s technology is transformative, its customer base is expanding, and the market opportunities are vast. We are proud to support Eigen’s journey toward revolutionizing manufacturing inspection solutions.”
BDC Capital’s Women in Technology Venture Fund, an investor in Eigen Innovations since 2018, is also participating in this round.
Eigen’s integrated inspection solutions capture all the data that factory teams need to inspect 100% of the products they make.Its OneView software features easy-to-use AI tools that deliver consistent part-over-part inspections across machines and factories.
“Thermal Imaging + AI” – A Focused Marketing Initiative for Eigen’s Solutions
To allow manufacturers to “see” how their solutions work, the Eigen team has developed a portable demo to simulate what its automated solutions can deliver when visiting prospective customer facilities and during promotional events.
“Most of our target customers don’t yet know what is possible – they have given up on in-line inspection, so a big part of our job is to educate,” says Barrett.
Eigen recently updated their website to include application-specific solutions and case studies, and will host a series of webinars focused on showcasing its thermal inspection applications for plastics, metals, building materials and more.
For more information, contact Scott MacFadyen at +1-506-999-1821.
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