Mistras Group
Overview raises $10M for AI-powered Visual Inspection
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Source: Venture Beat
Computer vision, which deals with how computers can understand objects in images, is a rapidly growing subfield of AI. According to a 2021 IDG survey, 37% of organizations say that they have definitive plans to implement computer vision, while 44% say that they’re investigating the technology. The computer vision market could grow from $10.9 billion in 2019 to $17.4 billion by 2024 if the current trend continues, as external investments in computer vision startups surpasses $3.5 billion.

Manufacturing companies have shown a particular interest in computer vision for its ability to detect anomalies during production. Respondents to the IDG survey said that they planned to adopt computer vision to minimize tedious, expensive, or dangerous work. McKinsey found that AI-powered quality inspection can increase productivity by up to 50% and defect detection rates by up to 90% compared with manual inspection.

Read the full article at Venture Beat.

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