A leader in the AI-driven Quality Inspection space, Jidoka Technologies eyes robust growth in the FMCG sector after achieving success in the auto industry
- Recently raised Rs.3 Crore from The Chennai Angels (TCA)
- Successfully caters to the fast-growing FMCG market under the mentorship of TCA Lead Venkatesh Vijayaraghavan, Director and CEO, CavinKare
- Sets its sights on serving the global market and expanding into India's tier 2 and 3 cities
CHENNAI, India, Aug. 18, 2022 /PRNewswire/ -- Jidoka Technologies, a leader in automated cognitive inspection for the manufacturing industry, is on a rapid track to growth and now creating success stories in the FMCG sector. With the recent funding of Rs. 3 Crore from The Chennai Angels and under the mentorship of TCA Lead Venkatesh Vijayaraghavan, Director and CEO, CavinKare Pvt. Ltd., Jidoka is strengthening its presence in the FMCG industry too. The organization works with manufacturers across automotive, FMCG, pharma, general manufacturing, electronics, textiles, and printing industry domains currently and will expand to other verticals, in the future. Its key list of customers includes Mudhra Fine Blanc Private Ltd, Nexteer Automotive, IP Rings, ZF Rane, Sansera Engineering, and TVS Sundaram Clayton in the automotive sector, Shriji Polymers in the Pharma sector, and ITC Ltd. and partners of Mondelez International in the FMCG sector.
Jidoka solutions deliver complete automation of visual inspection – a process that is usually highly subjective. Leveraging cutting-edge technologies, these QC solutions automate the process of visual quality while increasing consistency and accuracy at high speed. These include deep learning algorithms, advanced image augmentation techniques, and edge computing for high-speed decision-making on complex problems.
The benefts to manufacturers are immense as they can now digitize the inspection process and leverage the analysis to improve the process. On the quality front, Jidoka's software improves the defect detection rate by 10% to 15% while also bringing down the false positives by as much as 30% to 40%. The ability to perform inspection in real-time by eliminating inspection as a bottleneck in the supply chain is also an added advantage.
Sekar Udayamurthy, CEO and Co-founder, of Jidoka Technologies, said, "We are very delighted to have TCA as a partner in our fundraising journey. TCA has also demonstrated high commitment to our business, supporting in establishing our strong presence in the FMCG sector." He also added, "Our team continues to constantly develop new and future-ready solutions, by combing the power of AI with automation and computer vision for our growing customer base in this consumer goods space."
Jidoka has begun catering to the markets in tier 2 and tier 3 cities in India, which is presenting exciting new economic opportunities with several rapidly growing FMCG manufacturing units. According to IBEF in September 2021, the rural consumption of FMCG increased 58.2% YoY, which is 2x more than the urban consumption (27.7%). The domestic FMCG market increased 36.9% YoY in April-June 2021. The FMCG market in India is expected to increase at a CAGR of 14.9% to reach US$ 220 billion by 2025, from US$ 110 billion in 2020.
Jidoka also has plans to serve the European and North American markets.
Venkatesh Vijayaraghavan, Director and CEO, CavinKare Pvt. Ltd., remarked, "Jidoka Technologies has exhibited remarkable performance in the automated cognitive inspection space which is of critical relevance to all manufacturing companies. We are glad to support them in their growth and expansion efforts." He further added, "Its AI-driven product and service solutions have helped achieve benchmark quality in manufacturing. We are confident they can scale up quickly to cater to the fast-growing national and global markets in the near future."
Jidoka also plans to increase its headcount with the expansion of its facilities to meet the growing customer needs. It is on track for close to 6x revenue growth in 2022 vs 2021 and is expected to increase the pace of growth growing forward.
About Jidoka Technologies:
Founded in 2018, by technology leaders, Sekar Udayamurthy, Dr. Krishna Iyengar, and Vinodh Venkatesan, Jidoka Technologies, the Chennai-based startup is a leader in the field of automated cognitive inspection delivering cutting-edge engineering solutions.
Jidoka stands for a principle that advocates 'intelligent automation' or 'automation with a human touch', in Japanese. Jidoka 's QC solution primarily consists of two parts – the first being the software platform called Kompass that connects real-time decision-making to state-of-the-art AI, to create an end-to-end system for visual defect detection.
The second part is the hardware platform – which is productized into five design groups to ably support the decision-making.
Please visit, https://jidoka-tech.ai/ for more information.