MakinaRocks, a Seoul, South Korea-based industrial AI solutions startup focused on manufacturing, raised $10m in Series A funding.
Backers included LG Technology Ventures, Hyundai Motors and Applied Ventures, LLC, and financial investors Korea Development Bank, Daesung Venture Capital, Shinhan Investment Corporation, and HB Investment.
The company intends to use the funds to expand its portfolio and develop a Software as a Service (SaaS) platform built on the existing on-premise solutions to secure domestic and international customers, as well as hiring skilled individuals in data analysis, AI development, and business development.
Led by Co-CEOs Andre Yoon and Jaehyuk Lee, MakinaRocks specializes in industrial AI with a primary focus on providing intelligent control for anomaly detection in manufacturing equipment and improved product quality. The company has already collaborated with major corporations in various industries to apply its solution to a wide range of production lines. Its solutions enhance the product and production processes of various industries such as semiconductors, automobiles, batteries, and energy.
In its 2018 seed-round funding, MakinaRocks received funding from SK Telecom, Hyundai Motors, and Naver, as investors.