SwitchOn, a vision AI startup, has raised $4.2 million in a Series-A funding round from Axilor Ventures and pi Ventures. The startup helps precision manufacturing industries reduce their manufacturing defects through the use of a field-trainable AI system. With the fresh capital, SwitchOn plans to scale internationally, make key hires in sales and technology, and invest in research and development. The AI market in India is expected to grow at a CAGR of 33.28% and become a $3,935.5 Mn space by 2028.
According to SwitchOn, its AI system DeepInspect can quickly identify complex surface defects with a superhuman accuracy rate of more than 99%. The system uses less than 200 good images to train AI models and can enable manufacturers to completely automate their quality inspection and deploy hundreds of SKUs within a matter of days. This can be a significant improvement over traditional quality inspection methods, which can be time-consuming and prone to errors.
The country’s AI market was pegged at $680.1 Mn in 2022. The industry is expected to become a $3,935.5 Mn space by 2028, growing at a CAGR of 33.28%. AI-focused startups in India have been attracting a lot of investor attention in recent years. As you mentioned, in January 2023, Mad Street Den raised $30 million in funding, and in February 2023, Entropik secured $25 million. These are just a few examples of the growing interest in AI startups in India and their potential for growth and innovation. According to a report by IMARC, the AI market in India was valued at $680.1 million in 2022. The industry is expected to grow at a CAGR of 33.28% and become a $3,935.5 million space by 2028. This growth is driven by factors such as the increasing adoption of AI across various industries, the availability of a large pool of skilled AI professionals in India, and government initiatives to promote AI development in the country.