Neurala Maintains Strong Revenue Growth of over 300% in H1 2024
August 27 2024 - 2:12PM
Business Wire
Neurala’s first half of 2024 more than tripled revenue versus
the first half of 2023, a year in which the company achieved a 5x
revenue growth versus the preceding period.
Neurala’s first half performance was supported by revenue from
Neurala’s growing and global strategic partnerships including SONY
Semiconductor Solutions and new partnerships with organizations
such as Lattice Semiconductor, announced in February, that saw the
introduction of a new version of the Neurala Visual Inspection
Automation (VIA) platform. This new Neurala VIA version enables the
rapid deployment of AI models based on the award-winning Lattice
sensAI™ solution stack and low power Lattice FPGAs. The company’s
flagship product, Neurala VIA, integrates seamlessly into existing
workflows and is enhancing productivity for manufacturers in
automotive, consumer products, and food production and
packaging.
Dr. Massimiliano (Max) Versace, CEO of Neurala, commented on the
year-to-date performance: "Our first half results highlight the
versatility and efficiency of our AI Software and tech. As
manufacturers accelerate AI adoption to enhance production and
reduce waste, Neurala is positioned as a clear leader, providing
solutions across a wide range of use cases and hardware
configurations. This adaptability, combined with our edge AI
capabilities, positions us as a leader in this rapidly growing
market."
During the first six months of 2024, Neurala VIA has been
deployed in a variety of use cases, including:
- Automotive clients have deployed VIA to
detect missing bolts, find paint scratches or bubbles, and to
verify the presence of the correct items on pallets.
- Consumer product companies have automated
inspections such as verifying integrity of bag seals of personal
hygiene products and also confirming label adhesion and print
quality on plastic bottles and containers.
- Similarly, food producers have integrated
VIA into systems to confirm packaging seals, assess product quality
and identify the presence of foreign objects and contaminants.
This continued growth positions Neurala as a leader in the AI
Vision Inspection market which is projected to expand from USD
21.08 Billion in 2023 to USD 110.5 Billion by 2032 according to
Market Research Future’s August 2024 report. As manufacturers
increasingly adopt Industry 4.0 principles, the demand for smart,
automated inspection systems like Neurala VIA continues to
rise.
Dr. Versace continued, “With AI becoming more mainstream,
particularly in compact, affordable AI-powered sensors and
processors, Neurala enjoys a technological and price-point
advantage in meeting the growing demand for AI solutions. Our
recent partnership with Lattice Semiconductor exemplifies our
commitment to pushing the boundaries of what’s possible at the
compute Edge, and we are confident that this momentum will drive
continued success in the second half of the year."
During the second half of 2024, Neurala VIA will be showcasing
the very latest in edge AI capabilities at the VISION Show in
Stuttgart Germany at booth 8C11 on October 7th to the 10th.
For more information on Neurala VIA visit www.neurala.com.
About Neurala:
Founded in 2006, Neurala is a pioneer in vision AI software,
driving innovation to make AI more applicable and beneficial in
real-world applications. Neurala aids industrial companies in
enhancing their quality inspection processes, offering technology
that significantly reduces the time, cost, and expertise required
to develop and maintain high-quality custom vision AI solutions.
Neurala's research team invented Lifelong-DNN™ (L-DNN) technology,
which minimizes the data requirements for AI model development and
enables continuous learning in the cloud or at the edge. Today,
Neurala's technology is deployed globally across various
industries, including industrial, drone, robotics, and smart
devices.
Stay informed about Neurala's latest developments by following
us on Twitter (@Neurala), Facebook, YouTube, and LinkedIn, or
subscribe to our blog. For a deeper insight into Neurala’s vision
AI software, we invite you to request a virtual demo.
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Paul Covelle Paul@neurala.com +1 (617) 418 6161