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U.S. Venture Partners led the Series A round, with participation from Bling Capital and Freestyle Capital. Maneva, registered in Toronto but headquartered in Palo Alto, Calif., will use the financing to further develop its AI capabilities, launch new products and expand into new markets. (The Logic)
Talking point: The firm applies computer vision technology to the factory floor, pulling data from cameras and sensors to detect missing labels or product defects, monitor whether workers are following health and safety rules, and predict issues with machines. A set of AI agents can autonomously accept or reject units, speeding up production lines. Maneva CEO Rae Jong, a former DeepMind engineer, co-founded the firm in late 2021 with CTO Kelvin Chan, a former Magna International engineer. The startup has raised US$38.4 million in total to date, from backers including Toronto’s N49P and its new venture partner Prem Kalevar. Factory-floor AI is hot right now—Montreal’s Vention raised US$110 million in January for its robotics technology.
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